Proactive Actions & Expectations of Indian Company Goods and Service Tax (‘GST’) is an efficient, effective and modern mode of taxation which facilitates effective tax administration with minimum tax collection cost. The globe is having around 195 countries and out of that, around 140 countries are working on the GST model. Few developed countries like …
OPTION TO USE OF DIGITALLY SIGNED INVOICES/RECORDS IN CENTRAL EXCISE AND SERVICE TAX New Finance Budget, 2015 has provided facility to issue digitally signed invoices by inserting Rule 4(C) in Service Tax Rules, 1994 along with the option for maintenance of records in electronic form and their authentication by means of digital signatures. However, conditions …
Compliance window under Black Money Act – An insight The Hon’ble Finance Minister in his budget speech for 2015-16 had proposed introduction of Black Money Bill in the Parliament. The Bill was passed by the Parliament in its budget session. The Bill received the assent of the President on May 26, 2015 and it became …
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 sale and levy of tax on said sale is justified. …