Goods and Services Tax : CA Sumit Grover In Sep’13, Hon’ble Supreme Court in case of L&T held that the construction activity by builders pertaining...
Service Tax : CA Sumit Grover Post enactment of Finance Act’15, trade was waiting for the Finance Ministry to notify the date for enhancem...
DGFT : Five different schemes(Focus Product Scheme, Market Linked Focus Product Scheme, Focus Market Scheme, Agri Infrastructure Incentiv...
Service Tax : CBEC has issued instruction No. F. No. 207/07/2014-CX-6 dated 20.01.2015 directing the Central Excise officers to be very cautious...
Service Tax : CA Sumit Grover Less than a week ago, CBEC had empowered CAs & CMAs(nominated u/s 72A) to conduct service tax audits on behalf...
Income Tax : We are Enclosing herein below copy of Finance(NO.2) Act, 2014 assented by Hon’ble President of India. Download Download Fi...
Service Tax : In the case of BCCI Vs. CST Hon'ble SC held that the activity of producing audio-visual coverage of ‘Indian Premier League’ cr...
Income Tax : Recently, Hon'ble Delhi High Court in the matter of Anand Decors & Ors. v. CTT, New Delhi, has pronounced that the cars, even thou...
Service Tax : In August,2014, Hon'ble High Court of Delhi in the matter of UNION OF INDIA & ORS. v. M/S TRAVELITE (INDIA) pronounced that the se...
Goods and Services Tax : Hon’ble Supreme Court has delivered a landmark verdict in the matter of STATE OF PUNJAB & ORS. v. NOKIA INDIA PVT. LTD. & pronou...
Service Tax : With the introduction of the Point of Taxation Rules, 2011, which shifted the liability of payment of service tax from receipt bas...
DGFT : Now, vide public notice no. 83, dated 30th Jan'15, it has been notified that the e-application for IEC shall be mandatory from 1st...
Custom Duty : In order to simply the customs procedures & overcome the hassles, a welcome move has been made by CBEC. Vide Circular no. 01/2015 ...
Service Tax : Vide Notification No. 23/2014- ST dated- 05.12.2014, CBEC has amended rule 5A(2) and the pronouncement of Allahabad High Court has...
Excise Duty : Circular No. 990/14/2014-CX-8 Dated- 19th November, 2014 Sub: Clarification regarding availment of CENVAT credit after six months-...
CA Sumit Grover In Sep’13, Hon’ble Supreme Court in case of L&T held that the construction activity by builders pertaining to sale of flats prior to completion certificate are also subject to levy of VAT. The said verdict opened a Pandora Box regarding valuation for the periods prior to the date of judgment. To resolve […]
With the introduction of the Point of Taxation Rules, 2011, which shifted the liability of payment of service tax from receipt basis to accrual basis, and the advent of negative list-based comprehensive taxation of services in 2012, it was felt that the guidelines for detailed scrutiny of returns needed a revision. In this background, it has been decided that detailed scrutiny of ST-3 returns, with effect from 01.08.2015, should be carried out
CA Sumit Grover Post enactment of Finance Act’15, trade was waiting for the Finance Ministry to notify the date for enhancement of service tax. Finally, the same has been notified as 1st June’15. Following is the gist of changes applicable w.e.f. the said date: 1) Abolition of EC & SHEC and effective rate of service […]
Five different schemes(Focus Product Scheme, Market Linked Focus Product Scheme, Focus Market Scheme, Agri Infrastructure Incentive Scrip, VKGUY) merged into single unconditional scheme named as Merchandise Export from India Scheme(MEIS);
Now, vide public notice no. 83, dated 30th Jan’15, it has been notified that the e-application for IEC shall be mandatory from 1st Feb’15. However, at the same time, DGFT has notified following banks with whom net banking facility needs to be accessed for online application of IEC: PUBLIC NOTICE NO. 83 (RE)2013/2009-14.
CBEC has issued instruction No. F. No. 207/07/2014-CX-6 dated 20.01.2015 directing the Central Excise officers to be very cautious before issuing summons under excise & service tax laws. The Board instructed the Superintendents to obtain prior permission of Assistant Commissioner with reasons for issuance of summons in writing.
In order to simply the customs procedures & overcome the hassles, a welcome move has been made by CBEC. Vide Circular no. 01/2015 dated 12th Jan’15, it has been clarified by the Board that there shall not be any requirement of separate packing list in case commercial invoice cum packing list contains following details in addition to details in commercial invoice:
In the case of BCCI Vs. CST Hon’ble SC held that the activity of producing audio-visual coverage of ‘Indian Premier League’ cricket matches held in India by non -resident service providers would be liable to tax under ‘programme production services’ and BCCI was liable to pay tax under reverse charge mechanism.
Recently, Hon’ble Delhi High Court in the matter of Anand Decors & Ors. v. CTT, New Delhi, has pronounced that the cars, even though fall within capital goods, but sale of used cars is not subject to VAT under Delhi VAT Act, by virtue of section 6(3) of ibid.
In August,2014, Hon’ble High Court of Delhi in the matter of UNION OF INDIA & ORS. v. M/S TRAVELITE (INDIA) pronounced that the service tax audits conducted u/r 5A(2) of Service tax rules, 1994 are not valid in law.
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