section 66 - Page 6

Deposit insurance activity of DICGC falls within ambit of ‘General Insurance Business’

Deposit Insurance and Credit Guarantee Corporation Vs Commissioner (CESTAT Mumbai)

CESTAT Mumbai held that the deposit insurance activity of Deposit Insurance and Credit Guarantee Corporation, Mumbai (DICGC) falls within the ambit of section 65(105)(d) of the Finance Act, 1994 and is chargeable to Service Tax under “General Insurance Business”....

Any other amount charged not for providing taxable service cannot be part of valuation

Universal Power Systems Private Limited Vs Commissioner of Service Tax (CESTAT Chennai)

CESTAT Chennai held that any other amount, other than gross amount charged for providing taxable service, which is calculated not for providing such taxable service cannot a part of that valuation as that amount is not calculated for providing such ‘taxable service’....

Handling of export cargo is excluded from taxability and cannot be said as exempted service

St. John CFS Park Private Limited Vs Commissioner of Central Excise (CESTAT Chennai)

CESTAT Chennai held that handling of export cargo is excluded from the purview of service tax. The same is not exempted service. In nut-shell, any activity on which no service tax is payable doesn’t make such activity an exempted service....

Section 66 doesn’t specify look back period for fraudulent trading

Thomas George Vs 1. K. Easwara Pillai (NCLAT Chennai)

NCLAT Chennai held that there is no specified look back period for fraudulent trading under section 66 and hence losses caused to the Creditors are recovered in the event of the Liquidation and that the Directors who caused such losses are made liable to make good such losses....

Posted Under: Service Tax | |

Rules of Interpretation of Services in Service Tax

Despite doing away with the service-specific descriptions, there will be some descriptions where some differential treatment will be available to a service or a class of services. Section 66F lays down the principles of interpretation of specified descriptions of services and bundled services. But before going on to Section 66F, let us un...

Posted Under: Service Tax |

Competition (Amendment) Bill, 2009 got the Approval of parliament

The Parliament has passed the the Competition (Amendment) Bill, 2009 which is to replace the Competition (Amendment) Ordinance, 2009 and to further amend section 66 of the Competition Act, 2002. Rajya Sabha passed it today, while the Lok Sabha had already considered and passed it on 14th December, 2009....

Posted Under: Service Tax |

Circular Regarding levy of service tax on‘business auxiliary service’

Notification No. 43/2009-Service Tax 02/12/2009

Notification No. 43/2009-Service Tax Whereas the Central Government is satisfied that a practice was generally prevalent regarding levy of service tax ( including non-levy thereof ), under section 66 of the Finance Act, 1994 ( 32 of 1994) (hereinafter referred to as the Finance Act), on taxable service namely ‘business auxiliary service...

Government may wind up MRTP Commission before 2011

The government is likely to seek the Cabinet’s approval on amending the Competition Act 2002 to facilitate the winding up of the Monopolistic and Restrictive Trade Practices Commission before 2011. The Bill will essentially replace the ordinance issued in October this year. The ordinance was to allow winding up the MRTPC at the earliest...

Posted Under: Service Tax |

Government planning to discuss M&A clauses with Competition Commission of India (CCI)

After a lull, the contentious provisions regarding mergers and acquisitions (M&A’s) of the amended Competition Act is back on the discussion table of the Ministry of Corporate Affairs (MCA). The Ministry is planning to hold a meeting with the new anti-monopoly watchdog the Competition Commission of India (CCI) and the stakeholders in th...

Posted Under: Service Tax |

Notification on Exempt Services in relation to transport of goods by rail

Notification No. 33/2009 - Service Tax 01/09/2009

Notification No. 33/2009 - Service Tax Central Government hereby exempts the taxable service provided to any person in relation to transport of goods by rail, as referred to in sub-clause (zzzp) of clause (105) of section 65 of the Finance Act, from the whole of the service tax leviable thereon under section 66 of the Finance Act, provid...

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