Download -Taxation of Services – An Education Guide

Download -Taxation of Services – An Education Guide Posted: 20 Jun 2012 08:10 PM PDT Taxation of Services - An Education Guide Press Release, dated 20-6-2012 1. Introduction 1.1 Background The journey of taxation of services began by selective taxation of just three services on July 1, 1994. The first year collections now appear a very modest at Rs 407 crore. After... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Punjab Value Added Tax- Ready Reckoner Posted: 20 Jun 2012 07:20 PM PDT This ready reckoner is prepared with the aim to present the changes in Punjab Value Added Tax Act, 2005 at one place. Ready reckoner is divided in to different parts containing the general information, tax calendar, Procedure of Registration, Input tax Credit, Works Contract, Refund, Appeal,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service Tax Exemption to foreign Diplomatic Mission wef 01.07.2012 Posted: 20 Jun 2012 06:19 PM PDT Dispelling the confusion about the applicability of Negative list based service tax regime to an extent, a number of Service Tax related notifications have been issued on 20th June, 2012. Vide Notification No. 27/2012 - Service Tax dated:- 20th June, 2012 the Central Government, hereby exempts ... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 14 New services added to services tax negative list Posted: 20 Jun 2012 06:10 PM PDT While releasing the Guidance Paper Hon'ble Finance Minister also announced some new exemptions as follows:(a) Service provided by advocates to other advocates and business entities upto a turnover of Rs. 10 lakh in the preceding financial year.(b) Exemption to firm of advocates on the same lines... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] FM releases booklet on new law relating to service tax – new exemptions announced Posted: 20 Jun 2012 10:40 AM PDT In a function held today (20-6-2012) in North Block, Hon'ble Finance Minister released the Guidance Paper on the new approach to service tax. The public release of the Guidance Paper marks the culmination of the year long efforts made by the Government to introduce a negative list based... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Deduction cannot be denied for delay in filing return due to loss of data on account of virus attack Posted: 20 Jun 2012 09:14 AM PDT Assessee filed the return of income on 23.12.2008. The due date for filing the return of income u/s. 139(1) of the Act for the assessment year under consideration in the case of the assessee is 3 1.10.2008. As such the return filed by the assessee is belated. In this the assessee claimed deduction... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service Tax under Reverse Mechanism & SSI Exemption Benefit- Part II Posted: 20 Jun 2012 07:18 AM PDT Service tax, like any other indirect tax, is a destination based consumption tax born the ultimate user and collected by the provider. The core of the system is section 66B which is the charging section levying service tax @ 12% on the value of all services, other than those services specified in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Transfer Pricing – Specified Domestic Transaction – Whether an area of concern? Posted: 20 Jun 2012 06:24 AM PDT Transfer pricing until now was applicable to companies having cross border transactions with their ASSOCIATED ENTERPRISE. However, Finance Bill 2012, honoring the supreme court ruling in case of CIT vs. M/S Glaxo Smithkline Asia (P) Ltd. (Special Leave to Appeal (Civil) No(s).18121/2007), expanded... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Claim investigator can't declare driving license to be fake Posted: 20 Jun 2012 12:28 AM PDT An insurance claim investigator cannot declare unilaterally a driving licence to be fake without any corroborating report from the transport authority, a Delhi district consumer forum has said. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Australia amends 'Cross-Border Transfer Pricing' law wef 01.07.2004 Posted: 20 Jun 2012 12:22 AM PDT Australian Finance Ministry passes Tax Law Amendment (Cross Border Transfer Pricing Bill) Act (No. 1) 2012 with retrospective 01 July 2004. The Tax Law Amendment (Cross Border Transfer Pricing Bill) Act (No. 1) 2012 was passed by the house of representatives without amendments on 19 June 2012. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Comprehensive Note on Implementation of Negative List Regime Posted: 20 Jun 2012 12:08 AM PDT The Union Budget 2012-13 had proposed taxation of services based on a 'Negative list'. With the enactment of the Finance Act, 2012 (the Act) on 28 May 2012, the concept of 'negative list' is made applicable and made effective for implementation from 01-07-2012. The Department of Revenue has issued... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] KYC Norms for Company Secretary in Practice Posted: 19 Jun 2012 10:58 PM PDT Client Information as well as due diligence on clients has become a necessity for professionals in today's complex business scenario. Such an exercise can be made possible in a structured way. Many professional bodies today advise their members to have KYC about their clients so that professionals... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] FM releases Guidance Paper on new approach to service tax Posted: 19 Jun 2012 10:32 PM PDT Union Finance Minister, Shri Pranab Mukherjee released the Guidance Paper on the new approach to service tax, here today. The release of the Guidance Paper marks the culmination of the year long efforts made by the Government to introduce a negative list based comprehensive approach to taxation of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Exemption on services provided to SEZ authorised operations Posted: 19 Jun 2012 10:10 PM PDT Notification No. 40/2012-Service Tax- Govt exempts the services on which service tax is leviable under section 66B of the said Act, received by a unit located in a Special Economic Zone (hereinafter referred to as SEZ) or Developer of SEZ and used for the authorised operations, from the whole of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service tax rebate of tax Paid on input services used in providing export service Posted: 19 Jun 2012 10:09 PM PDT Notification No.39/2012 - Service Tax Central Government hereby directs that there shall be granted rebate of the whole of the duty paid on excisable inputs or the whole of the service tax and cess paid on all input services (herein after referred to as 'input services'), used in providing ... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Amendment of Notification 28/2011-ST dated 01.04.2011 Posted: 19 Jun 2012 10:08 PM PDT Notification No. 38/2012 - Service Tax - Following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.28/2011-Service Tax, dated the 1st April, 2011, published in the Gazette of India, Extraordinary, Part II, Section 3,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Point of Taxation (Amendment) Rules, 2012 to further amend Point of Taxation Rules, 2011 Posted: 19 Jun 2012 10:07 PM PDT Notification No. 37/2012 – Service Tax Government hereby makes the following rules further to amend the Point of Taxation Rules, 2011, namely:— 1. (a) These rules may be called the Point of Taxation (Amendment) Rules, 2012. (b) They shall come into force on the 1st day of July,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service Tax (2nd Amendment) Rules, 2012 to amend Service Tax Rules,1994 Posted: 19 Jun 2012 10:06 PM PDT Notification No. 36/2012- Service Tax entral Government hereby makes the following rules further to amend the Service Tax Rules, 1994, namely:— 1. (1) These rules may be called the Service Tax (Second Amendment) Rules, 2012. (2) They shall come into force on the 1st day of July, 2012. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Rescinding of notification No. 32/2007–Service Tax, dated the 22nd May, 2007 Posted: 19 Jun 2012 10:05 PM PDT Notification No. 35/2012 - Service Tax Central Government hereby rescinds the notification of the Government of India, in the Ministry of Finance (Department of Revenue) No. 32/ 2007 – Service Tax, dated the 22nd May, 2007, published in the Gazette of India, Extraordinary, Part II, Section 3,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Government Rescinds 81 Service Tax notifications Posted: 19 Jun 2012 10:04 PM PDT Notification No. 34/2012- Service Tax Central Government rescinds the following notifications of the Government of India in the Ministry of Finance (Department of Revenue), as specified in column (2) of the Table below, except as respects things done or omitted to be done before such recession... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Exemption to Small service providers Posted: 19 Jun 2012 10:03 PM PDT Notification No. 33/2012 - Service Tax Govt hereby exempts taxable services of aggregate value not exceeding ten lakh rupees in any financial year from the whole of the service tax leviable thereon under section 66B of the said Finance Act: [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service Tax Exemption of services provided by TBI/STEP Posted: 19 Jun 2012 10:02 PM PDT Notification No. 32/2012- Service Tax Govt hereby exempts taxable services, provided or to be provided, by a Technology Business Incubator (TBI) or a Science and Technology Entrepreneurship Park (STEP) recognized by the National Science and Technology Entrepreneurship Development Board (NSTEDB) of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Exemption to specified services received by exporter of goods Posted: 19 Jun 2012 10:01 PM PDT Notification No. 31/2012 - Service Tax Govt hereby exempts the taxable service received by an exporter of goods (hereinafter referred to as the exporter) and used for export of goods (hereinafter referred to as the said goods), of the description specified in column (2) of the Table below... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Taxable services & extent of service tax payable thereon Posted: 19 Jun 2012 10:00 PM PDT Notification No. 30/2012-Service Tax ,Central Government hereby notifies the following taxable services and the extent of service tax payable thereon by the person liable to pay service tax for the purposes of the said sub-section, namely:— [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service tax Exemption on property tax paid on immovable property Posted: 19 Jun 2012 09:59 PM PDT Notification No. 29/2012- Service Tax - Govt exempts the taxable service of renting of an immovable property, from so much of the service tax leviable thereon under section 66B of the said Finance Act, as is in excess of the service tax calculated on a value which is equivalent to the gross amount... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Place of Provision of Services Rules,2012 wef 01.07.2012 Posted: 19 Jun 2012 09:58 PM PDT Notification No. 28/2012 - Service Tax Place of provision generally.- The place of provision of a service shall be the location of the recipient of service: Provided that in case the location of the service receiver is not available in the ordinary course of business, the place of provision shall... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Exemption to services for the official use of foreign Diplomatic Mission wef 01.07.2012 Posted: 19 Jun 2012 09:57 PM PDT Notification No. 27/2012 - Service Tax In exercise of the powers conferred by 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 taxable services provided by any person, for the official... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service tax Abatement Conditions & Rates WEF 01.07.2012 Posted: 19 Jun 2012 09:56 PM PDT Notification No. 26/2012- Service Tax - Govt hereby exempts the taxable service of the description specified in column (2) of the Table below, from so much of the service tax leviable thereon under section 66B of the said Act, as is in excess of the service tax calculated on a value which is... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Revised List of Exempt Services WEF 01.07.2012 Posted: 19 Jun 2012 09:55 PM PDT Notification No. 25/2012-Service Tax Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts the following taxable services from the whole of the service tax leviable thereon under section 66B of the said Act, namely:- Services provided to the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Promotion of ACITs -Order No. 126 of 2012 Posted: 19 Jun 2012 09:38 PM PDT ORDER NO. 126 OF 2012 The President. is pleased to order that the following IRS officers in the grade of Assistant. Commissioner of Income Tax (Junior Time Scale) be promoted to the grade of Deputy Commissioner of Income Tax (Senior Time Scale) in Pay Band-3 Rs.. 15,600-39,100 plus Grade Pay of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Switchover Date to Digital Cable TV System extended to 31st October 2012 Posted: 19 Jun 2012 09:35 PM PDT Modification in Switchover Date to Digital Cable TV System The Cable Television Networks (Regulation) Amendment Act, 2011 has made it mandatory for switchover of the existing analogue Cable TV networks to Digital Addressable System (DAS) by December 2014, in a phased manner. In respect of four... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Anti-dumping duty on Pentaerythritol exported from European Union Posted: 19 Jun 2012 09:03 PM PDT Notification No. 33/2012-Customs (ADD) Whereas, in the matter of import of Pentaerythritol (hereinafter referred to as the subject goods), falling under sub-heading 2905 42 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the said customs Tariff Act),... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CENVAT Credit (6th Amendment) Rules, 2012 to amend CENVAT Credit Rules, 2004 Posted: 19 Jun 2012 08:58 PM PDT Notification No.28/2012-Central Excise (N.T) Central Government, hereby makes the following rules further to amend the CENVAT Credit Rules, 2004, namely:- 1. (1) These rules may be called the CENVAT Credit (Sixth Amendment) Rules, 2012. (2) They shall come into force on the 1st day of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Annual return on Foreign Liabilities & Assets Reporting by Indian Companies – Revised format Posted: 19 Jun 2012 08:47 PM PDT Attention of the Authorised Dealer (AD) Category – I banks is invited to A. P. (DIR Series) Circular No.45 dated March 15, 2011 wherein, it was, inter-alia, stipulated that the annual return on Foreign Liabilities and Assets (FLA) is required to be submitted directly by all the Indian companies... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] RBI guidelines on White Label Automated Teller Machines Posted: 19 Jun 2012 08:46 PM PDT The Reserve Bank of India, today released on its website, the final guidelines on "White Label Automated Teller Machines (WLAs) in India". White Label ATMs are ATMs set up, owned and operated by non-bank entities incorporated in India under the Companies Act, 1956. Till now, only banks were... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Financial Inclusion-Opening of Aadhaar Enabled Bank Accounts Posted: 19 Jun 2012 08:45 PM PDT In view of the timelines attached to the implementation of EBT for routing MGNREGA wages and social security benefits including proposed cash transfers in respect of subsidies on Kerosene, LPG and Fertilisers, you are requested to ensure opening of Aadhaar Enabled Bank Accounts (AEBA) of all the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Investigations carried out by SEBI during last three years Posted: 19 Jun 2012 07:01 PM PDT Attention of SEBI has been drawn to news items appearing in a section of press wherein certain comments have been made about the pace of investigations completed during the year 2011-12. From the news items, it is noted that the data of entire years in the past has been compared with a part of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Monetary Policy Statement 2012-13 – IT & IS Governance structures Posted: 19 Jun 2012 06:54 PM PDT Please refer to the paragraphs 121-123 of the Monetary Policy Statement 2012-13, wherein we have emphasized the importance of implementing IT and IS Governance structure in banks. It is expected that all banks adopt appropriate frameworks for both IT and IS Governance and put in place the proper... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] DGFT – Appendix 37A, 37C & 37D come into effect on 5th June, 2012 Posted: 19 Jun 2012 06:37 PM PDT PUBLIC NOTICE No. 06 (RE-2012)/ 2009-2014 In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-2014, the Director General of Foreign Trade hereby notifies the Handbook of Procedures- Volume I (Appendices and Aayat Niryat Forms). This shall come into force with... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]