ITC ALLOWED DISREGARD TO THE FACT THAT GOODS ARE SOLD AT LESSER PRICE In the case of Commercial Tax Officer vs. Jyoti Electronics (2015) (Rajasthan), on 18th March 2015, it has been held at Rajasthan High Court that once a whole seller has issued VAT invoice to purchaser of goods, then input tax credit is allowable as per said …
SUPPLY OF MEDICINES INTEGRAL TO MEDICAL SERVICES – HENCE COULD NOT BE SEVERED TO INFER A SALE Recently in the case of Fortis Health Care Ltd. vs. State of Punjab {(2015) (Punjab and Haryana)} it has been decided by the P&H High Court that since the supply of drugs, medicines, surgical items, implants and stents was integral to …
HOW TO DEAL WITH NEW SERVICE TAX RATE OF 14% WHICH IS EFFECTIVE FROM JUNE 1, 2015. New service tax rate of 14% is effective from June 1, 2015. This article is intended to provide you with insights of how to deal with change in rate and which scenarios old rate shall prevail and when a new …
SUMMARY OF EFFECTIVE RATE OF SERVICE TAX IN CASE OF VALUATION AND ABATEMENT The advancement of rate of Service Tax from 12.36% to 14% shall have a consequent effect on tax rates of …
Statutory Dates for the Month of June’ 2015:- 05-06-2015 Service Tax – Service Tax Payment by Companies for May Central Excise – Payment of Excise Duty for all Assesses (other than SSI Units) for May.( if Excise Duty / Service Tax paid electronically through internet banking, the date is to be reckoned as 6th instead …
SERVICE TAX RATE CHANGES WITH EFFECT FROM 1st JUNE, 2015 The most awaited advancement in the Service Tax regime viz, change in rate of Service Tax is being brought to effect from today i.e. 1stJune, 2015. The change was initiated by the Central Government vide Notification No. 14/2015-ST dated 19th May, 2015. Following shall be the …
TRANSACTION OF REPLACEMENT OF DEFECTIVE SPARE PARTS DURING WARRANTY—AMOUNTS TO SALE OR NOT? In the case of Kataria Automobiles (P.) Ltd. Vs. State of Gujarat, {(2015) (Gujarat)} on 20th March 2015, the High Court of Gujarat held that the transaction of replacement of spare parts amounts to a sale, and the levy of tax on said sale is …
Railways Update Amendment in Tatkal Scheme Timings for Booking Staggered for AC and non AC Classes At present, the booking under Tatkal scheme opens at 10.00 hrs on the previous day of journey from train originating station. It has been decided that w.e.f. 15.06.2015, timings for booking of Tatkal tickets will be staggered for AC & …
PROCEDURE OF REFUND OF SERVICE TAX PAID ON INPUT SERVICES FOR EXPORT OF SERVICES Conditions and Limitations:- Service has been exported in terms of Rule 6A* Duty on the inputs, rebate of which has been claimed, has been paid to the supplier Service tax and cess, rebate of which has been claimed, have been paid …
TACKLED OF NEW SERVICE TAX CHANGES APPLICABLE FROM 1st JUNE 2015 As the service tax rate 14% will be applicable from 1st June 2015 vide Notification No. 14/2015. How change in Service Tax rate should be tackled? Please keep in mind the following yourself and prepare accordingly Service Provision is complete till 05.2015 and Invoice raised till 31.05.2015 but Payment …