New Service Tax Regime on Negative List applicable from 1st July 2012

New Service Tax Regime on Negative List applicable from 1st July 2012 Posted: 05 Jun 2012 08:27 PM PDT The Central Government vide Notification No. 19/2012-ST dated 05.06.2012 has announced Date of Introduction of new regime of most awaited Negative List approach in Service Tax, which will apply w.e.f. 01.07.2012 i.e. service tax would be applicable on all services except those mentioned either in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] RBI abolishes pre-payment penalty on floating interest home loans Posted: 05 Jun 2012 08:02 PM PDT RBI abolishes foreclosure charges/pre-payment penalties on floating interest home loans - Though many banks have in the recent past voluntarily abolished pre-payment penalties on floating rate home loans, there is a need to ensure uniformity across the banking system. It has, therefore, been... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service Tax – Negative list of services w.e.f. 01.07.2012 Posted: 05 Jun 2012 08:00 PM PDT NEGATIVE LIST OF SERVICES (a) Services by Government or a local authority excluding the following services to the extent they are not covered elsewhere: (i) services by the Department of Posts by way of speed post, express parcel post, life insurance and agency services provided to a person... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] No Service-Tax on Individual Advocates, GTA etc & Negative List w.e.f. 1.7.2012 Posted: 05 Jun 2012 08:00 PM PDT Vide Notification No.15/2012-Service Tax dated 17.03.2012, the Ministry of Finance had specified that in respect of services provided by an individual advocate, Goods Transport Agency, Insurance Agent, services provided or agreed to be provided by way of sponsorship to any business entity, in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Declared Services under Service Tax & Provisions w.e.f. 01.07.2012 Posted: 05 Jun 2012 07:45 PM PDT In the definition of 'service' contained in clause (44) of section 65B of the Act it has been stated that service includes a declared service. The phrase 'declared service' is also defined in the said section as an activity carried out by a person for another for consideration and specified in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Payment of Service Tax under reverse charge mechanism from 01.07.2012 Posted: 05 Jun 2012 07:23 PM PDT Normally, service tax is payable by the person who is providing the taxable service. However, the Central Government is empowered under Section 68(2) to notify the specified persons who are liable to pay service tax in respect of notified taxable services. In this budget a proviso has been inserted... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Principles for interpretation of specified descriptions of services Posted: 05 Jun 2012 06:47 PM PDT Although the negative list approach largely obviates the need for descriptions of services, such descriptions continue to exist in the following areas - • In the negative list of services. • In the declared list of services. • In exemption notifications. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Conditions for Taxability of Services under Service Tax w.e.f. 01.07.2012 Posted: 05 Jun 2012 06:02 PM PDT The taxability of services or the charge of service tax has been specified in section 66B of the Act. To be a taxable a service should be - provided or agreed to be provided by a person to another in the taxable territory ♦ and should not be specified in the negative list. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Highlights of Annual Supplement 2012-13 to Foreign Trade Policy 2009-14 Posted: 05 Jun 2012 10:40 AM PDT 7 new markets are being added to Focus Market Scheme (FMS). These countries are Algeria, Aruba, Austria, Cambodia, Myanmar, Netherland Antilles, and Ukraine. 7 new markets are being added to the Special Focus Market Scheme (Special FMS). These countries are Belize, Chile, El Salvador, Guatemala,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Address by Shri Anand Sharma At the Release of Annual Supplement 2012-13 To the FTP 2009-14 Posted: 05 Jun 2012 09:42 AM PDT Recognizing the efficacy of the market diversification scheme, this year we are adding 7 new markets to Focus Market Scheme (FMS). These countries are Aruba, Algeria, Austria, Cambodia, Myanmar, Netherland Antilles, and Ukraine. 7 new markets are being added to the Special Focus Market Scheme (Spl... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Foreign Trade Policy, 2009-2014 incorporating the Annual Supplement as updated on 5th June, 2012 Posted: 05 Jun 2012 09:11 AM PDT DGFT NOTIFICATION No. 1 (RE-2012)/ 2009-2014 - In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act,1992 (No.22 of 1992) read with paragraph 1.2 of the Foreign Trade Policy, 2009-2014, the Central Government hereby notifies the Foreign... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CARO, 2003 & Fixed Assets Posted: 05 Jun 2012 07:43 AM PDT Reporting is an integral part of any audit through which an Auditor expresses his opinion. In case of Companies, the auditor of the company is required to report on the 21 clauses as given in the Companies (Auditor's Report) Order (CARO), 2003 issued by Central Government u/s227 (4A) of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ITAT to follow co-ordinate bench decision in absence of contrary view from superior Authority or contrary evidence Posted: 05 Jun 2012 12:20 AM PDT We have considered the rival submissions. We have also perused the said order dated 27-05-2011 of the co-ordinate bench of this tribunal in assessee's own case for the assessment years 2004-05 & 2007-08 (refer to supra). As it is noticed that the co-ordinate bench of this tribunal in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] No Penalty Payable if Assesee Pays Service tax & Interest before issue of Show Cause notice Posted: 05 Jun 2012 12:08 AM PDT The material on record discloses that the assessee on being pointed out by the authorities for not paying the service tax, has paid the service tax with interest even before the issue of show cause notice. Sub-section (3) of Section 73 of the Finance Act, 1994, categorically states that if tax and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service Tax – Notified date for purpose of newly inserted sub-section (3) of section 66 Posted: 04 Jun 2012 10:30 PM PDT Notification No. 23/2012-Service Tax Central Government hereby appoints the 1st day of July, 2012 as the date with effect from which the provisions of the said section 66A of the said Act shall not apply, except as respects things done or omitted to be done before the said section 66A so ceases to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service Tax – Notified date for purposes of newly inserted proviso to section 66 Posted: 04 Jun 2012 10:27 PM PDT Notification No. 22/2012-Service Tax Central Government hereby appoints the 1st day of July, 2012 as the date with effect from which the provisions of the said section 66 of the said Act shall not apply, except as respects things done or omitted to be done before the said section 66 so ceases to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service Tax – Notified date for purposes of newly inserted sub-section (3) of section 65A Posted: 04 Jun 2012 10:25 PM PDT Notification No. 21/2012-Service Tax In exercise of the powers conferred by the sub-section (3) of section 65A of the Finance Act, 1994(32 of 1994), the Central Government hereby appoints the 1st day of July, 2012 as the date with effect from which the provisions of the said section 65A of the said... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service Tax- Notified date under newly inserted proviso to section 65 Posted: 04 Jun 2012 10:23 PM PDT Notification No. 20/2012-Service Tax, In exercise of the powers conferred by the proviso to section 65 of the Finance Act, 1994(32 of 1994), the Central Government hereby appoints the 1st day of July, 2012 as the date with effect from which the provisions of the said section 65 of the said Act... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service Tax – Notified date for enforcement of amendment in sections 65, 65A, 66 & 66A Posted: 04 Jun 2012 10:09 PM PDT Notification No. 18/2012-Service Tax The following sections will become ineffective from 1st day of June, 2012 1. Section 65 – Definition of Taxable Service 2. Section 65A – Classification of Taxable service 3. Section 66 -Charge of Section Tax 4. Section 66A – Charge of Service Tax on Services... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Transfer & Posting in the grade of Addl./Joint/Deputy/Assistant Commissioner of Income Tax in Directorates & CBDT Posted: 04 Jun 2012 09:05 PM PDT ORDER NO. 104 OF 2012 - The following transfers/postings in the grade of Additional/Joint/Deputy/Assistant Commissioners of Income Tax, is hereby ordered with immediate effect and until further orders: [[ This is a content summary only. Visit my website for full links, other content, and more! ]] DGFT Amendments in the Reward/Incentive Schemes of Chapter 3 of Foreign Trade Policy 2009-14 – Appendix 37A,37C & 37D Posted: 04 Jun 2012 09:03 PM PDT PUBLIC NOTICE No. 3 (RE2012)/2009-14 In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy 2009-2014, the Director General of Foreign Trade hereby makes the following amendments in the Handbook of Procedures (Vol. I) (Appendices and Aayat Niryat Forms) 2009-2014: [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Submission of physical copy of BRC for claiming benefit of FTP will not be mandatory from 5th July 2012 Posted: 04 Jun 2012 09:02 PM PDT PUBLIC NOTICE No. 02 (RE-2012)/2009-14 Submission of physical copy of BRC for claiming benefit of FTP will not be mandatory after one month from the date of issue of this Public Notice. The 'e-BRC' will reduce the transaction cost and time. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] DGFT – Handbook of Procedures Vol.I updated as on 5th June,2012 Posted: 04 Jun 2012 09:01 PM PDT PUBLIC NOTICE No. 1 (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). This shall come into force from 5th June, 2012. (Anup K. Pujari) [[ This is a content summary only. Visit my website for full links, other content, and more! ]] FEMA – Safeguard Measures (Quantitative Restrictions) Rules, 2012 Posted: 04 Jun 2012 08:58 PM PDT The Authorised Officer shall, on receipt of a written application by or on behalf of the domestic producer of like goods or directly competitive goods, initiate an investigation to determine the existence of serious injury or threat of serious injury to the domestic industry, caused by the import... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Foreign Exchange Department of RBI, implements Application Tracking System Posted: 04 Jun 2012 08:58 PM PDT Under the online Application Tracking System (ATS), customers can submit applications online and also track the status of an already filed / submitted application. The applicant would be required to login with email id and password as registered with the RBI website. In respect of those... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Provisional anti-dumping duty on import of Digital Offset Printing Plates, originating in or exported from Peoples' Republic of China Posted: 04 Jun 2012 08:55 PM PDT Notification No. 31/2012-Customs (ADD) Whereas in the matter of import of Digital Offset Printing Plates (herein after referred to as the subject goods), originating in or exported from Peoples' Republic of China (China PR) and Japan (hereinafter referred to as the subject countries) and imported... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]