Income Tax : As we all aware that, section 87A is considered as one of the most important section. Since the rebate is very important to reduce...
Goods and Services Tax : The Central Government has issued Exemption Notification No. 8/2017-CT(Rate) dated 28-06-2017 giving relaxation to Registered Pers...
Goods and Services Tax : Article explains Due Date for filing GST Returns, Due Date for Payment of GST, Due Date for Payment of GST: Legal Analysis...
Goods and Services Tax : The GST Enrollment Application can be signed either by using Digital Signature (DSC) or by E-Signing. The use of DSC is mandatory ...
Income Tax : 1. Applicable for undisclosed income in the form of Cash or deposits already made or to be made in bank accounts. 2. Income Tax @ ...
Income Tax : In a judgement dated 19-01-2015 in the case of CIT-8 Vs. Proctor and Gamble Home Products Ltd., the Hon’ble Bombay High Court wh...
To finance and promote Swachh Bharat initiatives, an enabling provision was incorporated in the Finance Act, 2015 (hereinafter referred as the Act) vide Chapter VI to empower the Central Government to impose a Swachh Bharat Cess (hereinafter referred as SBC) on all or any of the taxable services at a rate of 2% on the […]
Whether SBC is chargeable on import or manufacture of goods, like done earlier for Education Cesses? No, SBC is not chargeable on goods. Unlike education cesses, the levy has been subjected only on taxable services. The rationale behind the differentiation between goods and services is not known, especially when dirt, pollution and environmental damages are mainly attributed to manufacturing activity, industrialization and relatively more directly related with goods than services. Hence, the levy is not based on principles of equality and the service sector has been discriminated and penalized for no fault of theirs. Yet, the parliament is constitutionally empowered to legislate and enforce the same.
In a judgement dated 19-01-2015 in the case of CIT-8 Vs. Proctor and Gamble Home Products Ltd., the Hon’ble Bombay High Court while dismissing the appeal, passed stringent strictures and gave directions to the Revenue Authorities when the Revenue choose to persist with the Appeal
In a welcome move to promote YOGA, the Central Government has exempted the activities relating to ‘advancement of yoga’ from the levy of service tax. The definition of ‘charitable activity’ contained in mega exemption notification no. 25/2012-ST dated 20-06-2012 has been amended by Notification No. 20/2015-ST dated 21-10-2015 to include ‘yoga’ in the said definition. […]
The Joint Committee on Business Process for #GST has submitted it’s Report on GST Return. The salient features for proposed #GSTReturn are as below: 1. There will be common E-Return for CGST, SGST, IGST and Additional Tax. 2. Every registered person is required to file a return for the prescribed tax period. A return needs […]
In a significant move towards Goods & Service Tax (GST), the Central Government had issued Notification No. 14/2015-CE and 15/2015-CE dated 01-03-2015 (as part of the Union Budget – 2015 Notifications) whereby it exempted all goods falling under First Schedule of the Central Excise Tariff Act, 1985 (CETA) from the levy of Education Cess and […]
It has created a lot of confusion and worry in the minds of those manufacturers and dealers who receive goods directly, as consignee, from manufacturer through unregistered dealer (as buyer) and avail cenvat credit on the strength of invoice of supplier manufacturer.
Articles Clarifies Doubts Regarding Applicability of Revised Rate of Service Tax of 14% and Applicability of Swachh Bharat Cess, Educational Cess and SHE Cess on the New Service Tax Rate of 14%. Articles also clear the doubts regarding 16% Service Tax Rate after applicability of Swachh Bharat Cess on Taxable Services. Amid huge expectations and […]
1. Freight paid/payable to Goods Transport Agency (GTA) 1.1 Does individual/proprietorship firm is liable to pay service an When tax under reverse charge? An Individual or a proprietorship firm is liable to take service tax registration and pay service tax under reverse charge only if:- i. It is registered as a dealer of excisable goods […]
It is well settled law that levy of tax is one thing and collection thereof is quite different thing. Once the levy is attracted, the collection of tax may be at any different point/stage or event. For example, in case of central excise duty, the levy is on the ‘manufacture or production of goods’ while the collection of duty is postponed till the time of removal of excisable goods.
