As regards reimbursement of amount in respect of service tax, as pointed out by the ld. AR, the ITAT Delhi Bench in their decision in Technip Offshore Contracting BV(supra) concluded that service tax collected by the assessee being directly in connection with services or facilities or supply specified u/s 44BB of the Act provided by the assessee to ONGC, have to be included in the total receipts for the purpose of determination of presumptive profit u/s 44BB of the Act.
No TDS was required to be made because payment of commission are made to non-resident overseas agent. As such no income is arising to the non-resident agent in India. So, no TDS is deductible u/s 194H of the Act, which is applicable for resident Indians only, even the provisions of section 195 is not applicable as payments are made to non-resident overseas agents for the services rendered outside India.
Please find below chart depicting the liability of Service Receiver & Service Provider under Reverse Charge Mechanism in very precise and simplified manner. It shall be very handy in day to day working of professionals under industry.
This Articles explains Procedure for VAT / CST / PT Registration in Maharashtra and also documents required for Registration. Articles also contain format of Related Forms and NOC to be submitted with Sales Tax Authorities.
On consideration of the entire materials on record, we, therefore, find substance in the contention of the learned counsel for the petitioners that the impugned amendment is violative for its retrospective operation in order to overcome the decision of the Tribunal, and at the same time, for depriving the benefit earlier granted to a class of the assessees whose assessments were still pending although such benefit will be available to the assessees whose assessments have already been concluded.
In this Article Author has discussed Reverse Charge Mechanisam on Services of an insurance agent to any person carrying on insurance business, Services of goods transport agency in respect of transportation of goods by road, Services by way of sponsorship , Services of an arbitral tribunal Services of advocates (individual/firm), Services of directors of a company, Support services by Government or local authority, Import of Service, Renting of a motor vehicle designed to carry passengers on abated value / non abated value, Supply of manpower for any purpose or security services & Works contract.
The state government’s move to generate revenue by taxing the sale of flats and imposing a VAT levy on the same has stirred up a hornet’s nest! VAT to many, is seeming like a new entrant to the list of levies on the already heavily burdened real estate sector and therefore there is a stiff opposition that the government is facing from consumers and realtors both.
The assessees must be given an opportunity to file response or reply and the reply will be considered and examined by the Assessing Officer before any direction for adjustment is made. The process of issue of prior intimation and service thereof on the assessee will be as per the law. The assessees will be entitled to file their response before the Assessing Officer mentioned in the prior intimation.
Admittedly, assessee was in the business of selling jewellery and it was also purchasing old gold and old diamonds from its customers, who wanted to exchange their old jewellery with new jewellery. Contention of the assessee that it was not effecting any cash purchase from its customers, has not been effectively rebutted. Case of the assessee is that it was effecting purchase of old jewellery from customers who were willing to buy new jewellery from the assessee
Circular No.24/2012-Customs It has been decided to make e-payment of duty mandatory for importers registered under Accredited Clients Programme and importers paying customs duty of one lakh rupees or more per Bill of Entry with effect from 17.09.2012.
