Section 66D of Finance Act, 1994 specifies the Negative list of services i.e the Services on which Service Tax is not leviable. Negative List of Services are different from the exempt Services as exempt services are although taxable but government has exempted them from service tax, while service in Negative list are not taxable at all.
Budget 2016 has effected changes / New Provisions with effect from 01.06.2016 in respect of Tax Collected at Source (TCS) on Sale of Bullion, Jewellery, Motor vehicle and Sale in cash of any goods. In this Article Author has discussed such Changes and TCS Rate Chart WEF 01st June 2016 after considering Budget 2016 Amendments. […]
File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000 – Under the existing scheme of law, Rule 7 of the Service tax Rules, 1994 read with its sub-rules deals with the provisions relating to the service tax return. As per Rule 7C; where the return prescribed under rule 7 is furnished after the date prescribed for submission of such return, the person liable to furnish the said return shall pay to the credit of the Central Government, from the date prescribed for submission of return i.e. 25th of the month following the particular half year till the date of furnishing of the said return, the following penalty:
Vide Union Budget 2016 government has made several changes to Service Tax Abatement Provisions and Abatement rates. Some of the changes were applicable from 01.04.2016 and some were applicable from 01.06.2016. in this Article we have compiled the abatement rate on Table Services, Taxable Value and Tax Rate after applying the abatement as applicable from 01.06.2016
Reverse and Partial Reverse Mechanism Rate Chart with effect from 01.06.2016 and The extent of service tax payable thereon by the person who provides the service and any other person liable for paying service tax for the taxable services. List been compiled after considering Amendments made by Budget 2016, Swachh Bharat & Krishi Kalyan Cess
Provided that if the member does not take up an employment coverable under this Scheme and has rendered less than ten years eligible service on the date of exit, but dies before attaining the age of fifty-eight years and before a continuous period of thirty-six months has elapsed during which contributions have not been received in respect of the member in the Pension Fund, the amount of contributions
It is held that Instruction No.1 of 2015 dated 13th January 201shall not hereafter be relied upon to deny refunds to the Assessees in whose cases notices might have been issued under Section 143(2) of the Act.
Every company (Private or Limited) need to comply with the filing with Registrar of Companies (RoC). Many entrepreneurs make a default in this part. This may be due to negligence or unawareness. Reason may be anything, this tend to result in stringent penalties. Following are the mandatory annual filing with RoC with their due dates: […]
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.
