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Dayal R Kundani

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Amendments in provisions related to ‘Online information & database access or retrieval services’

Service Tax : The online information and database access or retrieval services were exempted under Reverse charge as per Place of provision rule...

December 6, 2016 5866 Views 1 comment Print

Maharashtra Budget 2016- Key Provisions related to MVAT

Goods and Services Tax : Dayal R Kundani The Maharashtra Budget for F.Y. 2016-17 was pronounced on 19th March, 2016. In the Speech the Finance Minister has...

March 21, 2016 7717 Views 3 comments Print

Odisha VAT: Amendment in schedule B- Tax rate enhanced from 13.5% to 14.5% w.e.f 01-01-16

Goods and Services Tax : Dayal R Kundani Notification: No. 80-FIN-CT1-TAX-0020-2015 Dtd 1st Jan, 2016 Goods taxable at the rate of 13.5% shall now be taxab...

January 6, 2016 7654 Views 1 comment Print

Service Tax Tax Rate 14% w.e.f. 01-06-2015 and related provisions

Service Tax : The Finance Bill, 2015, has received the assent of the Honorable President and has been notified. 1st June, 2015 is being notified...

June 10, 2015 79130 Views 1 comment Print

TDS under Income-tax Act, 1961 on service tax

Income Tax : It is clarified that the service tax component comprised in the amount payable to a resident is indicated separately, tax shall be...

January 20, 2014 12284 Views 0 comment Print


Latest Posts in Dayal R Kundani

Amendments in provisions related to ‘Online information & database access or retrieval services’

December 6, 2016 5866 Views 1 comment Print

The online information and database access or retrieval services were exempted under Reverse charge as per Place of provision rules i.e the services provided from outside India and received in India were non-taxable (Exempt) under service tax.

Maharashtra Budget 2016- Key Provisions related to MVAT

March 21, 2016 7717 Views 3 comments Print

Dayal R Kundani The Maharashtra Budget for F.Y. 2016-17 was pronounced on 19th March, 2016. In the Speech the Finance Minister has made the following proposals while presenting the Budget. Contents of Key proposals Value Added Tax – RATE CHANGE Increase of rate of tax from existing 5% to 5.5% Reduction in Tax on LED […]

Odisha VAT: Amendment in schedule B- Tax rate enhanced from 13.5% to 14.5% w.e.f 01-01-16

January 6, 2016 7654 Views 1 comment Print

Dayal R Kundani Notification: No. 80-FIN-CT1-TAX-0020-2015 Dtd 1st Jan, 2016 Goods taxable at the rate of 13.5% shall now be taxable at the rate 14.5 % for list of goods subject to Value Added Tax on Turnover of Sales or Purchases (General rate – Schedule B Part III)

Service Tax Tax Rate 14% w.e.f. 01-06-2015 and related provisions

June 10, 2015 79130 Views 1 comment Print

The Finance Bill, 2015, has received the assent of the Honorable President and has been notified. 1st June, 2015 is being notified as the date on which the following provisions will come into effect. 1. The rate of Service Tax is being increased from 12% to 14% (including cesses). (Notification No.14/2015-Service Tax, dated 19th May, 2015 refers)

TDS under Income-tax Act, 1961 on service tax

January 20, 2014 12284 Views 0 comment Print

It is clarified that the service tax component comprised in the amount payable to a resident is indicated separately, tax shall be deducted at source under Chapter XVJI-B of the Act on the amount paid/payable without including such service tax component.

Implementation of Supreme Court Decision-case of Fiat India Ltd.

January 19, 2014 6104 Views 0 comment Print

The Supreme Court has cited two instances where a manufacturer may sell goods at lower prices and yet the declared value can be ac­cepted- (i) company switching over business and (ii) where goods could not be sold within reasonable time]

FTP : Relaxation in time limit for submission of Installation Certificate by granting extension in the current provisions

January 19, 2014 3560 Views 0 comment Print

However, extension in time for Installation of Capital Goods upto a maximum period of 18 months from the date of completion of import may be considered by the concerned RA.

Tamilnadu VAT : Reduction in Set off, Transit Pass & CST Sales

November 13, 2013 12061 Views 0 comment Print

Amendment of Section 19- Whenever CST sale is made under Section 8(1) of the CST Act, 1956, the proviso to Section 19(2)(v) as amended seeks to restrict the [ITC] input tax credit by providing that credit shall be allowed in excess of 3%.

Input Service (Tax) Distribution under Service Tax Act

June 26, 2012 22384 Views 8 comments Print

Provision of the above rules was simple and did not restrict transfer of entire Cenvat Credit to a single unit. This made it easier for Regional office / Head office registered under ISD to transfer the credit under a single Invoice to a particular unit. The said rules have now been amended, putting strictures on the manner of Transfer of Cenvat Credit by an Input service Distributor which are clarified below.

Comprehensive Note on Implementation of Negative List Regime

June 20, 2012 9544 Views 0 comment Print

The Union Budget 2012-13 had proposed taxation of services based on a ‘Negative list’. With the enactment of the Finance Act, 2012 (the Act) on 28 May 2012, the concept of ‘negative list’ is made applicable and made effective for implementation from 01-07-2012. The Department of Revenue has issued Service tax notifications on 1 June 2012, 5 June 2012 and 6 June 2012 providing effective dates of implementing the ‘Negative List’ and also for phasing-out the existing regime of taxing services.

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