Simplifying Taxation in India
CALCULATOR for Interest on Service Tax Delayed Payment (w.e.f. 01.10.2014) E.g. Format:Turnover during the Previous Financial Year 8,14,96,170.00 Concession of 3% in rate of interest applicable or not (Provision to Section 75 of the Finance Act, 1994) NO Service tax payable 79,351.00 Due date of payment 12-Feb-2015 Actual date of payment 10-Apr-2016 Total period of … Read more
All Service Tax Notifications 2016 till now (Last updated: 26.03.2016) 01/2016 Seeks to amend notification No. 41/2012- ST, dated the 29th June, 2012 so as to allow refund of service tax on services used beyond the factory or any other place or premises of production or manufacture of the said goods for the export of … Read more
Summary of Rule 6 of the Cenvat Credit Rules, 2014 AmendmentsRule 6 of CCR, 2004 (As amended by FA, 2016)• This rule does not apply. CENVAT credit can be claimed normally Case 1 – If Manufacturer/ Service Provider only produces/ provides taxable goods/ services. • This Rule applies. Effectively, no CENVAT credit can be claimed … Read more
Changes Applicable from – 01.03.20161. Restoration of exemption on services provided to the Government, a localauthority or a governmental authority. 2. Restoration of exemption on services to an airport and port. 3. Withdrawal of exemption on services to monorail or metro, in respect ofcontracts entered into on or before 01.03.2016 4. Exemption to services by … Read more
History of Service Tax Rates in India 1994 to 2016 Period 01-Jul-94 13-May-03 Service Tax Rates 5% Edu. Cess 0% Higher Edu. Cess 0% Swachh Bharat Cess 0.00% Krishi Kalyan Cess 0.00% Effective Levy 5.00%Period 14-May-03 09-Sep-04 Service Tax Rates 8% Edu. Cess … Read more
A. Changes in Finance Act, 19941. Amendments in the Negative List (Section 66D)– Entry No. (l) – covering specified educational services is proposed to be omitted. Consequently, the definition of “approved vocational education course” [Section 65B (11)] is also proposed to be omitted. [To be effective from the date of enactment of Finance Bill, 2016] Entry … Read more
ContentsABOUT THE BOOK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . … Read more
Key Components of GST Return: GSTR-3A. Monthly GST Return for the Taxpayers (GSTR-3) – GSTR-3 is required to be filed by all taxpayers, except the compounding taxpayers and Input Service Distributors, by 20th of the succeeding month. The return would be permitted to be filed both on online and offline mode. Besides the basic details … Read more
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE AND CUSTOMS New Delhi, the 15th February 2016 26 Magha, 1937 Saka NOTIFICATION NO. 04/2016-SERVICE TAX G.S.R (E).- In exercise of the powers conferred by section 15A, … Read more
GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION No. 02/2016-Service Tax New Delhi, the 3rd February, 2016 G.S.R.….(E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), read with sub-section (5) of section 119 of the Finance Act, 2015 (20 of 2015), the Central Government, being satisfied that it is necessary … Read more