Service Tax Reverse Charge Mechanism requires more clarifications on works contract service

Service Tax Reverse Charge Mechanism requires more clarifications on works contract service Posted: 20 Mar 2012 08:55 PM PDT In the Budget-2012-13 under the new Reverse Charge Mechanism in certain services the receipient of the service has been made liable to pay tax instead of service provider. In three of services namely hiring of means of transport, construction and... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Budget 2012 Introduces Lump sum scheme for payment of service tax in works contract Posted: 20 Mar 2012 08:51 PM PDT In works contract service lump sum scheme for payment of service tax in a works contract has been introduced by amendment in Rule 2A of the Service Tax (Determination of Value) Rules, 2006 vide Notification No. 11/2012 - Service Tax dated... [[ This is a content summary only. Visit www.taxguru.in for full article.]] SC dismiss Govt petition to review Vodafone judgement Posted: 20 Mar 2012 06:58 PM PDT UOI vs. Vodafone International Holding (Supreme Court) (Review Petition) -Union of India filed a review petition in the Supreme Court seeking a review of its judgement in the case of Vodafone International Holdings B.V. vs. UOI in which it held ... [[ This is a content summary only. Visit www.taxguru.in for full article.]] How to Apply online for Passport Posted: 20 Mar 2012 06:51 PM PDT For filling and submitting your application online,you need to be a registered user on the Passport Seva website. To create your user account for online form submission, Register now. Once you register,follow the steps mentioned here- Step 1: Log... [[ This is a content summary only. Visit www.taxguru.in for full article.]] IPL kingpin Lalit Modi declared bankrupt Posted: 20 Mar 2012 05:30 PM PDT Former Indian Premier League cricket boss Lalit Modi is back in the English courts, this time having been declared bankrupt. Modi, who is awaiting the judgment from a libel trial in the High Court of London with former New Zealand cricketer Chris... [[ This is a content summary only. Visit www.taxguru.in for full article.]] List of 26 cases of Corporate Frauds Posted: 20 Mar 2012 05:58 AM PDT Multi-national audit firms are regulated as per the Chartered Accountants Act, 1949 and the Chartered Accountants (Procedure of Investigations of Professional and other Misconduct and Conduct of Cases) Rules, 2007 and the Regulations framed... [[ This is a content summary only. Visit www.taxguru.in for full article.]] TDS calculator for Salaried for Financial Year 2012-13 Posted: 20 Mar 2012 05:00 AM PDT WE have uploaded below the TDS calculator for salaried Government and Non Government Employees in Excel format. The Calculator have Following Featurs:- 1. Auto Calculate TDS deductible or Tax Payable. 2. Auto Calculate Deduction for HRA. 3. Updated... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Changes in CENVAT Credit Rules in Union Budget 2012-2013 Posted: 20 Mar 2012 04:10 AM PDT Amendments in the Definition of Capital Goods ♦ The facility of taking CENVAT Credit on motor vehicles other than those falling under tariff headings 8702, 8703, 8704,8711 and their chasis has been extended to manufacturers. ♦ Motor Vehicles... [[ This is a content summary only. Visit www.taxguru.in for full article.]] E- I Transaction – Process Note and Documentation Posted: 20 Mar 2012 03:50 AM PDT Transit Sales under the CST Act . These are generally known in the market as 'LR sales', 'subsequent inter-State sales' and 'E-I sales'. These transactions fall under clause (b) of section 3 of the Central Act, which reads as follows: 3. When is a... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Direct Tax highlights of Union Budget 2012-13 Posted: 20 Mar 2012 03:11 AM PDT CA Jitendra Goyal, CA Rajender Handa  RATES OF INCOME TAX FOR THE ASSESSMENT YEAR 2013-14 Slab Rates For Individuals( below 60 years) , HUF, AOP/BOI, (other than co-operative societies) For resident women age below 60 Years  For senior citizens (Age... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Are Directors Liable To Service Tax And Tax Audit As Per Union Budget 2012-13? Posted: 20 Mar 2012 01:12 AM PDT Till the date of budget, there is always confusion on treatment of director's remuneration. There is conflict about whether it is salary income or it is a business income chargeable under the head business and profession. In this union budget, we... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Tax Planning under section 80C & 80E Posted: 20 Mar 2012 01:05 AM PDT DEDUCTION U/s 80E -1. Conditions : Applicable to Individuals not to HUF Loan must be taken for Higher studies Loan must have been taken from approved financial and charitable institutions Only Interest is allowed as deduction ... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Service Tax on advocate to be Paid by client from the date S. 66B of the Finance Act, 1994 comes into effect Posted: 20 Mar 2012 12:21 AM PDT Ministry of Finance has Vide Service tax Notification No. 15/2012 dated 17.03.2012, specified that in respect of services provided by an individual advocate to any business entity, the service-tax payable by the advocate shall be Nil and that the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Service tax Exemption to service involving import of technology Posted: 19 Mar 2012 11:12 PM PDT NOTIFICATION NO. 14/2012-ST, In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Abatement from Service tax and Conditions for same on specified services Posted: 19 Mar 2012 11:10 PM PDT NOTIFICATION NO. 13/2012-ST, DATED 17-3-2012 In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the said Finance Act), the Central Government, being satisfied that... [[ This is a content summary only. Visit www.taxguru.in for full article.]] List of 34 services Exempt From Service tax Posted: 19 Mar 2012 10:48 PM PDT Notification No. 12/2012-ST, DATED 17-3-2012 In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the said Finance Act), the Central Government, being satisfied that... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Taxation of services based on Negative List – Service Tax (Determination of Value) Amendment Rules, 2012 Posted: 19 Mar 2012 10:45 PM PDT NOTIFICATION NO. 11/2012-ST, DATED 17-3-2012 In exercise of the powers conferred by clause (aa) of sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Service tax on works contract – Composition rate increased to 4.8% from 4% Posted: 19 Mar 2012 10:42 PM PDT Notification No. 10/2012 - ST, dated 17-3-2012 In exercise of the powers conferred by sections 93 and 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Works Contract (Composition... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Section 65(105)(zzzp) of the Finance Act, 1994 – Transport of goods by rail – Exemption to specified services – abatement for transport of goods by rail Posted: 19 Mar 2012 10:38 PM PDT Notification No.9/2012 - ST, dated 17-3- 2012 In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the Finance Act), the Central Government, on being satisfied that... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Transport of goods by rail service – Exemption to specified goods – Amends Notification No.8/2010-ST dated 27.02.2010 effective date extended to July 2012 Posted: 19 Mar 2012 10:11 PM PDT Notification No. 8/2012-ST, dated 17-3-2012 In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the Finance Act), the Central Government, on being satisfied that it... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Exemption to transport of goods by Rail further extended Posted: 19 Mar 2012 10:09 PM PDT Notification No.7/2012-ST, dated 17-3-2012 Section 65(105)(zzzp) of the Finance Act, 1994 - Transport of goods by rail service - Exemption to transport of goods by rail - Amendment in Notification No. 7/2010-ST, dated 27-2-2010 [[ This is a content summary only. Visit www.taxguru.in for full article.]] INDIA'S neighbours must be alarmed by yet another, sizeable rise in its defence budget Posted: 19 Mar 2012 10:04 PM PDT Presenting the budget in parliament on Friday, Indian Finance Minister Pranab Mukherjee said the allocation was based "on the present needs" and that the government would meet any "further needs for the security of the nation". The 17 per cent... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 60% Abatement to Services provided by Air Craft operators for domestic or International Journey Posted: 19 Mar 2012 10:03 PM PDT Notification No.6/2012 - ST, dated 17-3-2012 Central Government hereby exempts the taxable service specified in clause (zzzo) of sub-section (105) of section 65 of the Finance Act, from so much of the service tax leviable thereon under section 66... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Service Tax – Small service provider – Aggregate value defined in terms of invoices issued instead of payments received Posted: 19 Mar 2012 10:00 PM PDT Notification No.5/2012 - ST, Dated 17-3-2012 aggregate value means the sum total of value of taxable services charged in the first consecutive invoices issued or required to be issued, as the case may be, during a financial year but does not include... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Budget 2012 – Amendment in Point of Taxation Rules Posted: 19 Mar 2012 09:55 PM PDT Notification No.4/2012 - ST, dated 17-3-2012 After rule 2 of the said rules, the following rule shall be inserted, namely:- 2A. Date of payment.- For the purposes of these rules, date of payment shall be the earlier of the dates on which the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Amendment in Service Tax Rules 2, 4A &6 – Increase in time limit to raise bill to 30 days Posted: 19 Mar 2012 09:51 PM PDT Notification No.3/2012 - ST, dated 17-3-2012 In exercise of the powers conferred by sub-section (1) read with sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Rescinds Notification No. 8/2009 –Service Tax dated 24.02.2009 – Effective rate of 10% withdrawn from 01.04.2012 – Making the effective and tariff rate 12% Posted: 19 Mar 2012 09:48 PM PDT Notification No.2/2012 - ST, dated 17-3-2012 In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Amends Notification No. 42/2011 – Service Tax dated 25.7.2011 – Coop societies included in exemption Posted: 19 Mar 2012 09:46 PM PDT Notification No.1/2012 - ST, dated 17-3-2012 In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, on being satisfied that it is necessary in the public interest so to do,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Mukul Roy is New Union Railway Minister Posted: 19 Mar 2012 09:30 PM PDT Shri Mukul Roy has been sworn in as the new Union Railway Minister here today. Prior to this, Shri Roy was the Minister of State for the Ministry of Shipping since 28th May 2009 onwards. He also served earlier as Minister of State for Railways. [[ This is a content summary only. Visit www.taxguru.in for full article.]] IRDA mandates prior approval before launch of new Insurance product Posted: 19 Mar 2012 09:01 PM PDT As per File and Use Guidelines, the insurance companies are required to launch products after allowing for 60 days for non-life and 30 days for life for clearance by the IRDA. Several times, however, the full details of the product, which are... [[ This is a content summary only. Visit www.taxguru.in for full article.]] ICAI Request to share contact details of Members in Entrepreneurship & Public Services Posted: 19 Mar 2012 08:51 PM PDT The ICAI proudly acknowledges professional achievements of its members in Entrepreneurship and Public Service. ICAI has a special committee, the "Committee for Members in Entrepreneurship & Public Services" to recognize their contribution to... [[ This is a content summary only. Visit www.taxguru.in for full article.]] ICAI Request for providing Contact details of the Members of ICAI engaged in Co-operatives & NPO Sectors Posted: 19 Mar 2012 08:50 PM PDT The Committee for cooperatives & NPO Sectors, ICAI proudly acknowledges professional achievements of its members engaged in Cooperatives & NPO Sectors. ICAI has a Non standing committee, the "Committee for cooperatives & NPO Sectors"... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 5% duty made 6%. Notification No. 2/2011 – CE dated 1.3.2011 amended. Sl. Nos 34 and 35 of the table again omitted, which were already omitted by Notification No. 43/2011 – CE dated 30.12.2001 Posted: 19 Mar 2012 08:49 PM PDT Notification No. 19/2012- Central Excise In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Effective Rate of 12% and 6% Excise Duty fixed for many items for which the Tariff Rates also been reduced Posted: 19 Mar 2012 08:48 PM PDT Notification No. 18/2012-Central excise Effective Rate of 12% and 6% fixed for many items for which the Tariff Rates have also been reduced. But as the reduction in tariff does not have immediate effect, the reduction is brought into immediate... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Rescinds three Excise Duty exemption notifications Posted: 19 Mar 2012 08:47 PM PDT Notification No.17/2012-Central Excise - Following Exemption Notifications rescinded. No.2/2008 -Central Excise, dated the 1 st March, 2008; No.59/2008 -Central Excise, dated the 7 th December, 2008; No.18/2009-Central Excise, dated the 7 th... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 1% Excise duty enhanced to 2% – minor changes made in Notification No. 1/2011 dated 1.3.2011 Posted: 19 Mar 2012 08:46 PM PDT Notification No. 16/2012-Central Excise Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance... [[ This is a content summary only. Visit www.taxguru.in for full article.]] SSI Exemption for the remaining part of 2011-12 for articles of jewellery of heading 7113 – tariff value to be the basis Posted: 19 Mar 2012 08:45 PM PDT Notification No. 15/2012-Central Excise Provided that for the purposes of availing of exemption under this notification for the financial year 2012-13, the aggregate value of clearances of articles of jewellery (other than silver jewellery) falling... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Chewing tobacco, Zarda Scented Tobacco and Unmanufactured tobacco in pouches: Duty enhanced – Notification No. 16/2010 – CE dated 27.02.2010 amended Posted: 19 Mar 2012 08:44 PM PDT Notification No.14/2012 – Central Excise - In exercise of the powers conferred by sub-section (3) of section 3A of the Central Excise Act, 1944(1 of 1944), the Central Government hereby makes the following amendment in the notification of the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Pan Masala, Gutkha – Duty Per Machine Increased – Notification No. 42/2008 CE dated 01.07.2008 amended Posted: 19 Mar 2012 08:43 PM PDT Notification No.13/2012-Central Excise Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 42/2008-Central Excise, dated the 1st July, 2008,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Concessional rates of duty vide Notification. Nos 3/2005-CE dated 24.2.2005, 3 to 6/2006-CE, all dated 1 st March, 2006, 10/2006-CE dated 1.3.2006; 2/2008-CE dated 1.3.2008; and 59/2008-CE dated 7.12.2008 – merged into a Single Notification Posted: 19 Mar 2012 08:42 PM PDT Notification No. 12/2012-Central Excise Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts the excisable goods of the description specified in column (3) of the Table below read with relevant... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Effective rate of NCCD for cigarettes – Notification No. 11/2012-Central Excise Posted: 19 Mar 2012 08:41 PM PDT Notification No. 11/2012-Central Excise Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts goods specified in column (2) of the Table below and falling within tariff item of the First Schedule to... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Effective rates of duty for cigarettes – Notification No. 10/2012-Central Excise Posted: 19 Mar 2012 08:40 PM PDT Notification No. 10/2012-Central Excise In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, being satisfied that it is necessary in the public interest so to do,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Effective rate of additional duty of Rs. 70 per thousand fixed for cigarettes Posted: 19 Mar 2012 08:39 PM PDT NOTIFICATION No. 9/2012-Central Excise G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944) read with sub-section (3) of section 85 of the Finance Act, 2005 (18 of 2005), the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Ready Made Garments – Returned and cleared without duty – certain conditions changed – Notification No. 31/2011 dated 24.3.2011 amended Posted: 19 Mar 2012 08:38 PM PDT Notification No. 8/2012-Central Excise Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Extension Of Submission Date / Addendum To Request For Proposal (Rfp) For Pre-Audit Of Central Subsidy Claims Of Capital Investment And Transport Subsidy In Respect Of Ner States Posted: 19 Mar 2012 08:38 PM PDT In continuation to this Departments RFP on the above mentioned subject, this Department invites proposals from reputed firms / consultants to undertake the job of scrutiny of subsidy claims in respect of NER States. Additional information to... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Cotton Goods 5% Excise duty enhanced to 6%. Notification No. 29/2004-CE dated 09.07.2004 superseded Posted: 19 Mar 2012 08:37 PM PDT Notification No. 7/2012-Central Excise In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), and in supersession of notification of the Government of India in the Ministry of Finance,... [[ This is a content summary only. Visit www.taxguru.in for full article.]]