Understanding consideration to determine Service Tax payable
Posted Date : 19-Sep-2012 , 11:41:28 pm | Posted By
Mukul Gulati
Understanding consideration to determine Service Tax payable
Clarity is must as far as the term consideration is concerned. The phrase ‘consideration’ has not been defined in the Act. But the explanation (a) of section 67 gives inclusive definition of ‘consideratio...
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Category : Service Tax |
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Service tax on Vocational education/training courses
Posted Date : 16-Sep-2012 , 10:34:29 pm | Posted By
Mukul Gulati
TRU has issued a Circular No. 164/15/2012-ST dated August 28, 2012 clarifying certain issues in relation to levy of service tax on certain vocational education/training/ skill development courses (VEC) offered by the Government (Central Government or State Government) or l...
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Category : Service Tax |
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ST- Partnership Firm and Remuneration to Partners
Posted Date : 01-Sep-2012 , 06:42:18 pm | Posted By
CA. Ajay Agrawal
Capital contributed by a partner and remuneration paid or payable by a firm to its partners, both, are not liable to service tax. -
&nb...
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Category : Service Tax |
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Partial Reverse Charge Mechanism
Posted Date : 12-Aug-2012 , 11:26:25 am | Posted By
Sunil Chaurasiya
Partial Reverse Charge Mechanism – Putting Service Tax in Forward Gear
Introduction
1.0 The concept of “reverse” though important, has limited applicability in our day-to-day life. We are familiar with reversing a vehicle for limited purposes. A vehicle cannot be d...
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Category : Service Tax |
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Negetive list of services under service tax
Posted Date : 04-Aug-2012 , 01:02:19 pm | Posted By
Vikash Kumar Jha
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 Act) and in supersession of notification number 12/2012- Service Tax, dated the 17th March, 2012, published in the Gazette of India, Extraordinary, Part ...
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Category : Service Tax |
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Frequency of Service Tax Return / Payment
Posted Date : 11-Jul-2012 , 09:08:26 am | Posted By
Deepak Tanwar
Dear All,
After budget 2012, there is lot of confusion as to frequency of filing of Service Tax Return. Budget 2012 Presented by Finance Minister on 17.03.2012 proposed that the cycles for the payment service tax and filing of return should coincide. In View ...
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Category : Service Tax |
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Mega exemption notification
Posted Date : 24-Jun-2012 , 05:32:54 pm | Posted By
CS Shilpi Bhardwaj
Mega exemption notification
[TO BE PUBLISHED IN THE GAZZETE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]
Government of India
Ministry of Finance
(Department of Revenue)
Notification No. 25/2012-Service Tax
New D...
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Category : Service Tax |
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A Negative List in Service Tax Levy- Impact on Construction Industry
Posted Date : 26-May-2012 , 10:47:10 am | Posted By
Nikhil Mohan Jhanwar
A Negative List in Service Tax Levy- Impact on Construction Industry
Introduction
It was 18 years ago when the levy of service tax was introduced with a meagre three services which has now grown manifold to 119 services. The scope of services has widened d...
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Category : Service Tax |
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Key Indirect Tax amendments in Finance Bill 2012
Posted Date : 21-May-2012 , 03:50:02 pm | Posted By
Kshitij Nijhawan
- An attempt seems to have been made to render the bail provisions less onerous by providing that all offences would be bailable. However, despite the declaration by the FM in his speech that "In response to concerns expressed by Members that the proposal regarding grant of bail only after h...
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Category : Service Tax |
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SERVICE TAX AMENDMENTS
Posted Date : 25-Oct-2011 , 07:46:13 pm | Posted By
Pallav Singhania
As per Section 68 of the Finance Act, 1994, the person providing the taxable service is required to pay the service tax. However, as per Section 68(2), the government can notify services for which any person other than the service provider shall be liable for compliance of vari...
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Category : Service Tax |
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How to File Service Tax Return for Accrual System
Posted Date : 19-Oct-2011 , 10:40:15 pm | Posted By
AKHIL MAHESHWARI
Dear Friends,
As you aware that Point of Taxation Rules are compulsorily applicable w.e.f. 01.07.2011. Therefore, service tax liability for July, 11 onwards period will consist of service tax on following components:-
a. Amount received towards Debtors outstanding as on 30.06.2011,
...
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Category : Service Tax |
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Service Tax Applicability on Apartment Owners Association
Posted Date : 04-Oct-2011 , 11:06:05 am | Posted By
AKHIL MAHESHWARI
In this article we would be going through the provisions of service tax which are relevant to associations.
Introduction
Þ What is meant by Indirect Tax?
Service Tax is an indirect Tax which is received by the se...
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Category : Service Tax |
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Payment of Service Tax on accrual basis
Posted Date : 18-Sep-2011 , 04:44:00 am | Posted By
Vikas
Service tax is paid on billing basis or accrual basis since the Point Of Taxation Rules 2011 has been introduced. It is mandatory for all service provider to pay service tax on accrual basis since July 2011 except professional.
The purpose of this amendment is that the payment of servi...
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Category : Service Tax |
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The entries are suggested in financial books without contradicting service tax :
Posted Date : 18-Sep-2011 , 03:22:09 am | Posted By
Vikas
The following entries are suggested in financial books without contradicting service tax:
1) When the invoice for providing services is raised to customer.
A)
Sundry Debtors A/c ---------------------------Dr
(By full amount of invoices)
To Service Receipts A/c (Revenue) ----...
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Category : Service Tax |
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Taxability of works contract prior to 1st June, 2007
Posted Date : 04-Aug-2011 , 06:13:44 pm | Posted By
Ashish Karundia
Works Contract prior to 1st June, 2007 – A Taxable Service or Not
“In a contract of sale, the main object is the transfer of Property and delivery of the possession of Chattel as Chattel to the buyer, where it is not, it is a contract of Works and Labour” &n...
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Category : Service Tax |
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Amendment in Service Tax w.e.f. 1st May'2011
Posted Date : 27-Apr-2011 , 07:54:09 am | Posted By
Recently CBEC issued number of Notifications to amend various provisions. Gist of the Amendment is given below:
All the changes in old services and new services will become applicable from 1st May 2011. (Notification No 29/2011)
Fresh Exemption is provided to (Notificat...
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Category : Service Tax |
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