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1) The amendments to the provisions of Finance Act, 2011 pertaining to Service Tax shall come into force from 1st day of May 2011. Notification No. 29/2011 – Service Tax the 25th April, 2011. 2) Service tax on Medical Services : EXEMPT FULLY from service tax w.e.f. 1st day of May, 2011.Section 105(65)(zzzzo) was inserted by Finance Bill-2011 which provided for levy of service tax on taxable services provided to any person (i) by a clinical establishment; or (ii) by a doctor, not being an employee of a clinical establishment, who provides services from such premises for diagnosis, treatment or care for illness, disease, injury, deformity, abnormality or pregnancy in any system of medicine. Notification No. 30/2011 – Service Tax the 25th April, 2011
Shri P. Chidambaram recommended an excise duty of 2 per cent on such branded jewellery and clarified that there was no levy on unbranded jewellery, including unbranded gold jewellery. Accordingly an exemption notification 05/2006 CE dated 1-03-2006 was issued which exempted full duty in excess of 2% on article of jewellery on which brand name or trade name was indelibly affixed or embossed on the articles of jewellery itself.
The issue of excise duty on readymade garments, the applicability of SSI exemption notifications and many such other issues were discussed in my last article VALUE BASED EXEMPTION SCHEME FOR SSI – GARMENTS . Since the time of publication of this article many clarifications were issued and many procedural aspects were simplified. In this article I propose to discuss these clarifications. In this article readymade garments and made up articles will be referred to as “Garments”
What do the words ROTI & MAKAN mean to a common man is very well known. These two basic needs of a common man are today very uncommon, thanks to the very high rate of food inflation and extra super inflation in the prices of need based House. What was left to the common man was perhaps, KAPDA i.e. Fabric. But the eagle eye of the central government has eventually fallen on this last lame duck pray so as to smoothen the beginning of the end of the common man. The reason: An expected VAT on FABRIC @ 5% .
The finance Bill 2011 has enacted Point of Taxation Rules, 2011 which cover the provisions of payment of service tax on accrual basis insted of the hitherto adopted cash basis system. The implication of this changeover has been examplified in the attached Excel File which contains practical examples of all the rules from 3 to 8 of the Point of Taxation Rules, 2011.
CA LALIT MUNOYAT 1) Any government of the day requires enormous funds for the development, maintenance and growth of the economy of the country and the main source of collecting these funds is levy of taxes. The taxation policy of the government is framed, molded and implemented is such a way that it yields optimum […]
Service tax was introduced by Finance Act 1994 and since then it has been mired with so much controversy/litigation that the Apex Court, in the case of MARUTI SUZUKI LTD. 2009 (240) E.L.T. 641 (S.C.), observed that on account of repeated amendment
egally corruption is defined as use of public power for private advantage in ways which transgresses some formal rule or law. It takes various forms like Bribe for work according to rule, Bribe to work against the rule, Trading in influence, Patronage, Nepotism, Cronyism, Electoral fraud, Embezzlement, Kickback, An unholy political alliance, Involvement in organized crime.
I tried many variations to get it uploaded but nothing succeeded. I visited many web site to get a solution for this but instead of getting a solution I found many visitors were asking the facing the same problem and no answer was available. Eventua
Taxes are a major source of revenue for any country to fund the government expenditure and welfare of the society. In fact, they have been called the building block of civilization . In due course of time taxes started being levied on income, wealth ,sale of goods , provision of services etc. mainly to pay for increasingly more expensive defense efforts and for a modern welfare state. The emphasis is shifting progressively to voluntary compliance of tax laws.
