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Goods and Services Tax : As GST sought to consolidate multiple taxes into one it was very essential to have transitional provisions to ensure that the tran...
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Service Tax : CESTAT Kolkata held that notification no. 41/2012-ST grants refund of service tax paid on the taxable services used for export of ...
Service Tax : CESTAT set aside the impugned order pertaining to the rejection of refund of unutilized cenvat credit of Education Cess, SHEC and ...
Service Tax : Explore the CESTAT Chandigarh ruling in Schlumberger Asia Services Ltd. vs. Commissioner of CE & ST on the timeliness of a refund ...
Income Tax : Overseas Polymers Private Limited Vs ACIT (ITAT Mumbai) Legislature in Sec. 40(a)(ii) has though provided that ‘any rate or ...
Goods and Services Tax : Assistant Commissioner of CGST and Central Excise Vs Sutherland Global Services Private Limited (Madras High Court) Whether the As...
Service Tax : Central Government, hereby exempts taxable services with respect to which the invoice for the service has been issued on or befor...
Service Tax : (7E) The person liable for paying the service tax under sub-rule (7), (7A), (7B) or (7C) of rule 6, shall have the option to pay s...
Service Tax : the SEZ Unit or the Developer shall be entitled to refund of- (i) the service tax paid on the specified services on which ab-ini...
Service Tax : The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) by notificati...
Service Tax : Provided that Krishi Kalyan Cess shall be leviable only on that percentage of taxable value which is specified in column (3) for t...
Cenvat credit in respect of Krishi Kalyan Cess on taxable services leviable under section 161 of the Finance Act, 2016 (28 of 2016) shall be utilised only towards payment of Krishi Kalyan Cess on taxable services leviable under section 161 of the Finance Act, 2016 (28 of 2016)
The immediate question which generally arises in case of a new levy is its impact to cases where any of the following events such as services completion, invoicing or receipt of payment occur after the effective date of levy. In order to address this question, it is important that the nature of levy and the statutory provisions under section 67A of the Finance Act, 1994 (Act) read with the Point of Taxation Rules, 2011 (POT) be understood.
A cess is a tax that is levied by the government to raise funds for a specific purpose. Collections from the Education Cess and the Secondary and Higher Education Cess, for instance, are supposed to be used for funding primary and higher and secondary education respectively. As per Article 270 of the Constitution, cesses imposed by the Parliament for earmarked purposes need not be shared with state governments.
Service Tax Rate: In this Article we have Compiled Service Tax Rate Charges from 01.06.2015 to 14.11.2015, 14.11.2015 to 31.05.2016 and Rates from 01.06.2016.
We are summarizing herewith the changes in Service tax, which are effective from May 14, 2016 for easy digest: Section 66D(l): Deletion of Education Services- Specified education services viz. services by way of pre-school education, higher secondary school education or equivalent, education as a part of a curriculum for obtaining a qualification recognised by any law for the time being in force, education as a part of an approved vocational education course, covered under Section 66D(l) of the Finance Act, stands deleted from the Negative List of services.
Presently, Section 66D(o)(i) of the Finance Act covers service of transportation of passengers, with or without accompanied belongings, by a stage carriage, which is proposed to be deleted w.e.f June 1, 2016.Corresponding to this deletion, new Entry [No. 23(bb)] has been inserted in the Mega Exemption Notification to exempt services by a stage carrier other than air-conditioned stage carriage.
The Income Declaration Scheme, 2016 shall remain in force for a period of 4 months from 1st June, 2016 to 30th September, 2016 for filing of declarations and payments towards taxes, surcharge & penalty must be made latest by 30th November, 2016. Declarations can be filed online or with the jurisdictional Pr. Commissioners of Income-tax across the country.
There shall be levied and collected in accordance with the provisions of this Chapter, a cess to be called the Krishi Kalyan Cess, as service tax on all or any of the taxable services @ 0.5% on the Value of such services for the purposes of financing and promoting initiatives to improve agriculture or for any other purpose relating thereto.
Vide Union Budget, 2016, Interest rates on delayed payment of duty/ taxes across all indirect taxes is proposed to be made uniform at 15% per annum, except in case of Service tax collected but not deposited with the Central Government, in which case the rate of interest will be 24% per annum from the date on which the Service tax payment becomes due.
The Central Government vide Notification No. 21/2016-ST dated March 30, 2016, has amended Rule 7 of the Point of Taxation Rules, 2011 (the POTR) by inserting a proviso after the second proviso, in order to provide Point of Taxation (POT), where there is change in the liability or extent of liability of Service tax to be paid by Service Receiver under Reverse Charge in case service has been provided and the invoice issued before the date of such change, but payment has not been made as on such date, as follows
