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Category: Indirect Tax

July 14, 2021 / Audit

CORPORATE TAX UPDATE FOR THE MONTH

Corporate tax Update for the Month : Company Law: Query: Is sitting fees payable to a director who participates in a meeting through video conferencing? Answer: Yes, sitting fee is payable to a director who participates in a meeting through any of two modes viz. in person or through video conferencing or any other audio visual means. …

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July 10, 2021 / Accounting Services

STEPS AND PROCEDURE UNDER SERVICE TAX REGISTRATION

STEPS AND PROCEDURE UNDER SERVICE TAX REGISTRATION Every person liable to pay service tax is required to register himself by making an application to SCE as per section 69. The service provider before registering himself shall ensure that he has crossed the exemption limit of registration for the small service provider which is Rs. 10 …

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July 14, 2021 / Accounting Services

CORPORATE UPDATES ON SEBI, DVAT, MCA, SEZ, DGFT

CORPORATE UPDATES ON SEBI, DVAT, MCA, SEZ, DGFT A. Bombay Stock Exchange (BSE) BSE has changed the head of Payment of SEBI Turnover Fees of Equity Segment/Equity Derivative/Currency Derivatives Segment/Interest Rate Derivatives/New Debt Segment. Trading members of the Exchange are hereby informed that the SEBI Turnover fee for the month ended will be debited to their respective …

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July 14, 2021 / Accounting Services

FATCA LAW OF USA

FATCA LAW OF USA Introduction: On 9th July 2015, India has signed the inter-governmental agreement (IGA) on Foreign Account Tax Compliance Act (FATCA) with the USA.  The government would now receive information about Indian “tax resident” persons having financial accounts in the USA. Financial institutions (FIs) have to perform required due diligence processes, identify “reportable persons” from their …

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July 14, 2021 / Business Set Up in India

Service tax is not leviable under reverse charge mechanism for use of CRS/GDS”

Service tax is not leviable under reverse charge mechanism for use of CRS/GDS” Dear Professional Colleague, Recently, the Delhi CESTAT, in the case of M/s Continental Airlines Inc. v Commissioner of Service tax, New Delhi 2015-TIOL-1481-CESTAT-DEL, has held that Service tax shall not levied in respect of the payments made to CRS/GDS under reverse charge mechanism and airport …

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July 10, 2021 / Accounting Services

Highlights of Key Income Computation and Disclosure Standards (ICDS)

Highlights of Key Income Computation and Disclosure Standards (ICDS) CBDT vide its Notification No: 32/2015 dated 31-03-2015 notified 10 Income Computation and Disclosure Standards (ICDS) which is to be followed by all assesses at the time of computation of income chargeable to income tax under the head “Profit and gains of business or profession” or “ Income …

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July 14, 2021 / Accounting Services

SERVICE TAX SHALL NOT LIABLE IN RESPECT OF THE PACKAGING OF FERTILIZER

Service tax shall not liable in respect of the packaging of fertilizer Recently, the Supreme court in the case of Commissioner of Central Excise, Goa. v/s M/s. New Era Handling Agency, (2015) 59  438 (SC), has held that manufacturing is not complete without packaging and therefore, packaging would be essential part of manufacturing and Service tax shall not …

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July 10, 2021 / Company Law Compliances

DUE DATE OF fILING RETURN (E-COMMERCE BUSINESS)

Due date of filing return (e-commerce business) On 26th June, 2015 Notification No. F.3(515)/Policy/VAT/2015/330-41 has been issued to prescribe a return for the dealers located in Delhi, supplying goods either to customers of Delhi or outside Delhi and dealers located outside Delhi, supplying goods to customers of Delhi, for the persons engaged in providing facility …

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October 17, 2020 / Indirect Tax

ACT OF NON PAYMENT OF SERVICE TAX AFTER ITS COLLECTION CAN’T BECLAIMED TO BE DONE UNDER A BONA FIDE BELIEF

Act of non-payment of service tax after its collection can’t beclaimed to be done under a bona fide belief In the recently concluded case of Indsur Global Ltd. Versus Additional Commissioner of service Tax, Vadodara (2015) (Gujarat) tribunal held that act of non-payment of service tax after its collection can’t be claimed to be done under a …

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July 14, 2021 / INCOME TAX

STATUTORY DATES FOR THE MONTH OF JULY’ 2015

STATUTORY DATES FOR THE MONTH OF JULY’ 2015 05-07-2015 Service Tax – Service Tax Payment by Companies for June. – Service Tax Payment by Other than Companies for April to June. Central Excise – Payment of Excise Duty for all Assesses (other than SSI Units) for June.( if Excise Duty / Service Tax paid electronically …

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