Madhukar N Hiregange - Page 5

Precaution in Information Return filing by RBI & Electricity Companies

Taxes are an important source of revenue to any Government. The government devises mechanism aimed at detecting cases of revenue leakage. It has been witnessed over last few years that there is increased emphasis on making interaction with taxpayers and requiring them to submit various information/records through online or electronic mode...

Posted Under: Excise Duty |

Service tax Refund on expenses incurred beyond factory gate

One way of reducing burden of tax on export has been to grant refund of service tax under Notification No. 41/2012-ST on services used in relation to export of goods outside India. The refund was allowed in relation to taxable services used beyond the place of removal for export of goods. The intention was to grant refund of tax paid on s...

Service Tax paid under wrong code- Remedies available?

Every assessee liable to pay service tax is to take registration with service tax department. Where assessee has been providing services from multiple premises, it may obtain separate registration for each of the premises or may obtain centralized registration for all the premises take together. Tax needs to be paid under the code for whi...

Posted Under: Excise Duty |

Impact of imposition of Swachh Bharat Cess: Part 2

This festive season, service sector has witnessed imposition of Swachh Bharat Cess (SBC) in very hasty move by government. It was promised at the time of the budget that it would only be imposed on some services. Govt has gone back on its word. Further they have been left with very little time to prepare for this new tax. This owed to lac...

Posted Under: Excise Duty |

Impact of Swachh Bharat Cess on various services: FAQs

Finance Act 2015 had provided provision for levy and collection of Swachh Bharat Cess (SBC) under section 119 of the Finance Act, 2015 at a rate not exceeding two percent on the value of services. The levy was to become effective from the date to be notified by the Government. The objective of behind introducing SBC was to fund for Govern...

Posted Under: Excise Duty |

Disclosure Of Rule 6 Of Cenvat Credit in ST-3 Return- Practical Aspects: Part 3

In any value added tax system, credit of tax paid at input stage is eligible for adjustment against output liability. Cenvat credit rules have also been formulated based on the same principles (though have been made very complicated). One can follow a broad principle by looking at Profit & Loss Account that if credit side of P&L has some ...

Posted Under: Excise Duty |

Cenvat Credit Disclosure In Service Tax Return- Practical Aspects: Part 2

Once eligible credit has been availed, it becomes part of a pool out of which credit can be utilised to pay output liability. There is no correlation required between availment and utilisation of credit. The disclosure requirement of utilisation/reversal of credit is as below:...

Posted Under: Excise Duty |

Cenvat Credit Disclosure In Service Tax Return- Practical Aspects: Part 1

Tax credit in any value added taxation is the second most important aspect after the levy as it goes to reduce the basic cost. If credits are not available fully, it adds to the cost of the product or service resulting in cascading effect of taxes. It becomes imperative for assessee to ascertain the credit availability and to ensure that ...

Posted Under: Excise Duty |

Avoiding common errors in filing of service tax return

Self assessment under service tax has been started in the year 2001. In any self assessement taxation system, the onus is on the assessee to make true disclosure of all statutory information required to be disclosed. Non/wrong disclosure of any material information could result in allegation of suppression or deliberate wrong disclosure w...

Posted Under: Excise Duty |

Impact under GST on Job work transactions

Goods and Service Tax (GST) upcoming in India is likely to result in widening the tax base substantially by covering large number of potential taxpayers who are hitherto not covered in the tax net either due to their activity not being in the nature of taxable or due to some exemption being claimed. It is talked that the present assessee ...

Posted Under: Excise Duty |

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