This document provides an overview of the basic structure of service tax law in India. It discusses the origin and growth of service tax since 1994. Key points include:
- Service tax is levied under the constitutional residuary power of the Parliament.
- There are numerous rules, notifications, and circulars that provide references on service tax law.
- The hierarchy for administration runs from the Central Board of Excise and Customs down to inspectors.
- Important dates include the introduction of service tax in 1994 and the shift to negative list-based taxation in 2012.
- The new negative list system taxes all services by default, excluding only those under the 16 entries in the negative list.
Hello Friends ,
This slides contains
1) Service Tax Amendments Finance Act 2016
2) CENVAT Rules Amendments Fiance Act 2016
3) Case Laws-
a) No Service Tax on FLats where value of land is included.
b) No Service Tax Audit by Departmental Person
Hello Friends ,
This slides contains
1) Service Tax Amendments Finance Act 2016
2) CENVAT Rules Amendments Fiance Act 2016
3) Case Laws-
a) No Service Tax on FLats where value of land is included.
b) No Service Tax Audit by Departmental Person
There are so many changes done by Finance Bill, 2016 in various Act's. Provisions for service tax has also been amended or proposed to be amended. This budget was much awaited because a massive change is awaiting in the form of GST. Looking, to the large number of changes, we have consolidated changes with respect to Service tax in one presentation. Changes are classified according to subject in order to ensure ease of understanding.
Tax Quest
Finance Act, 2016 has effected a number of changes that are effective from 01.06.2016 and this
alert seeks to provide a brief view on such changes.
1. Service Tax on Ocean Freight – Import Segment
Presentation on service tax Act 1994, for undergraduate commerce students of Goa University. Includes historical background, year wise tax collection e for last 20 years and procedural aspect of service tax Act 1994 with latest amendments are covered.
There are so many changes done by Finance Bill, 2016 in various Act's. Provisions for service tax has also been amended or proposed to be amended. This budget was much awaited because a massive change is awaiting in the form of GST. Looking, to the large number of changes, we have consolidated changes with respect to Service tax in one presentation. Changes are classified according to subject in order to ensure ease of understanding.
Tax Quest
Finance Act, 2016 has effected a number of changes that are effective from 01.06.2016 and this
alert seeks to provide a brief view on such changes.
1. Service Tax on Ocean Freight – Import Segment
Presentation on service tax Act 1994, for undergraduate commerce students of Goa University. Includes historical background, year wise tax collection e for last 20 years and procedural aspect of service tax Act 1994 with latest amendments are covered.
On 16 March 2012, the Honorable Finance Minister of India presented in the Parliament the country's Finance Bill for 2012-13, containing proposals on direct and indirect taxes, and key policy initiatives.
In this regard , we are pleased to release the update capturing the key amendments proposed by Finance Bill 2012, in Service Tax provisions of Indian Indirect Tax Law.
The key highlights of the major changes suggested are as follows:
Introduction of Negative List.
Changes in the rate of tax.
Changes in Valuation Rules.
Point of Taxation Rules amended.
We hope this makes for an interesting and informative read.
Future of services and service providers - Dr Sanjiv AgarwalD Murali ☆
Future of services and service providers - Dr Sanjiv Agarwal - Article published in Business Advisor, dated February 25, 2017 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
Signature content of MTBiz is its Article of the Month (AoM), as depicted on Cover Page of each issue, with featured focus on different issues that fall into the wide definition of Market, Business, Organization and Leadership. The AoM also covers areas on Innovation, Central Banking, Monetary Policy, National Budget, Economic Depression or Growth and Capital Market. Scale of coverage of the AoM both, global and local subject to each issue.
MTBiz is a monthly Market Review produced and distributed by Group R&D, MTB since 2009.
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The slides was well structured along with the highlighted points for better understanding .
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Introducing New Government Regulation on Toll Road.pdfAHRP Law Firm
For nearly two decades, Government Regulation Number 15 of 2005 on Toll Roads ("GR No. 15/2005") has served as the cornerstone of toll road legislation. However, with the emergence of various new developments and legal requirements, the Government has enacted Government Regulation Number 23 of 2024 on Toll Roads to replace GR No. 15/2005. This new regulation introduces several provisions impacting toll business entities and toll road users. Find out more out insights about this topic in our Legal Brief publication.
In 2020, the Ministry of Home Affairs established a committee led by Prof. (Dr.) Ranbir Singh, former Vice Chancellor of National Law University (NLU), Delhi. This committee was tasked with reviewing the three codes of criminal law. The primary objective of the committee was to propose comprehensive reforms to the country’s criminal laws in a manner that is both principled and effective.
The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
Subsequently, in February, the committee successfully submitted its recommendations regarding amendments to the criminal law. These recommendations are intended to serve as a foundation for enhancing the current legal framework, promoting safety and security, and upholding the constitutional principles of justice, dignity, and the inherent worth of every individual.
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WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
ADR in criminal proceeding in Bangladesh with global perspective.
Basic structure of service tax law
1. Basic Structure of Service Tax Law – 1/12
CA Sri Harsha
harsha@sbsandco.com
by
#35
2. Coverage
Origin & Growth of Service Tax Law;
Constitutional Background;
References;
Hierarchy;
Important dates;
Old Law vs New Law – Why shift is required?;
New Law;
Preview of Next Session
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3. Origin & Growth of Service Tax Law
Service Tax was introduced in the Year 1994 vide Finance Act, 1994. It initially started with 3
services and down the years, it has become a key contributor to the Indirect Taxes and
consequently to the country’s GDP.
Indirect Tax Contribution to GDP as per recent CAG Audit Report is as under:
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4. Origin & Growth of Service Tax Law
Growth of Service Tax over the last 5 years:
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5. Constitutional Background
Service tax is levied vide Entry 97 of List I of Seventh Schedule of the Constitution of India.
Article 246 empowers the Parliament to make laws for the entries mentioned in List I.
Entry 97 is the residuary entry which reads as ‘Any other matter not enumerated in List II or List
III including any tax not mentioned in those lists’. Hence, service tax is levied vide the residuary
entry.
Entry 92C was introduced in the Year 2004 vide The Constitution (Ninety – Second Amendment)
Act, 2003. However, the same was not made effective as on date. Hence, even today the service
tax is levied and administered by Parliament vide the residuary entry.
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6. References: (1/3)
Finance Acts;
Rules;
Notifications;
Circulars;
Trade Notices;
Education Guide released by TRU of CBEC;
Judicial Precedents;
Budget Speeches;
Information obtained through Right to Information Act, 2005
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7. Finance Acts: (2/3)
Finance Act, 1994 – Chapter V – Service Tax Law:
Total 32 Sections;
Section 64 to Section 96
Finance Act, 1994 – Chapter VA: Advance Ruling Provisions:
Total 14 Sections;
Section 96A to Section 100
Finance Act, 2008 - Chapter VI - Service Tax Dispute Resolution Scheme, 2008
Total 11 Sections;
Section 91 to Section 101
Finance Act, 2013 – Chapter VI – Service Tax VCES, 2013:
Total 11 Rules;
Section 104 to Section 114
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8. Rules: (3/3)
Total 15 sets of Rules:
Service Tax Rules, 1994;
Cenvat Credit Rules, 2004;
Service Tax (Determination of Value) Rules, 2006;
Point of Taxation Rules, 2011;
Place of Provision of Service Rules, 2012;
Service Tax (Advance Rulings) Rules, 2003;
Service Tax (Registration of Special Category of Persons) Rules, 2005;
Service Tax (Publication of Names) Rules, 2008;
Dispute Resolution Scheme, 2008;
Service Tax (Provisional Attachment of Property) Rules, 2008;
Service Tax Return Preparer Scheme, 2009;
Service Tax (Settlement of Cases) Rules, 2012;
Service Tax (Compounding of Offences) Rules, 2012;
Service Tax Voluntary Compliance Encouragement Scheme Rules, 2013
Service Tax and Central Excise (Furnishing of Annual Information Returns) Rules, 2016
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9. Hierarchy: (1/2)
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Central Board of
Excise and
Customs
27 Chief
Commissionerate
83 Composite
Executive
Commissionerate
36 Exclusive CE
Commissionerate
22 Exclusive ST
Commissionerate
20 Directorates
General
11. Important Dates:
01.07.1994 – Introduction of Service Tax in India;
10.09.2004 – Allowed cross sector Credits under Cenvat;
01.01.2005 – Introduction of Reverse Charge on Specified Services;
16.05.2005 – Advances were brought into tax net;
18.04.2006 – Introduction of Section 66A –ST on services received from Outside India;
19.04.2006 – Introduction of ST (DoV) Rules, 2006
01.07.2011 – ST on Accrual Basis;
01.07.2012 – Introduction of Negative List based taxation;
01.07.2012 – Introduction of Place of Provision of Service Rules to determine consumption;
01.07.2012 – Introduction of Partial Reverse Charge Mechanism;
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12. Old Law vs New Law- Why shift is required?:
With effective from 01.07.2012, the taxation has been changed from positive based to negative
based. Earlier to that, there were a total of 119 services. Only if service provided falls into any of
the 119 entries, there used to be taxability. If not, no service tax.
What made to move to the new law? :
The service sector contribution to GDP was not matching with the service tax revenue to the GDP;
Inability to define certain services which are complicated and technology oriented;
Satisfaction of multiple definitions to arrive at the taxability;
Burden to be shifted on the assessee;
Classification Issues;
Reduce Litigation;
Expand the tax base;
Move towards GST
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13. New Law:
The first draft of the negative list is issued on 31.08.2011. After receiving feedback from stake
holders, the second and revised draft was issued on 18.11.2011. Finally, the law was made
effective from 01.07.2012.
What is negative list based taxation?:
Section 66D of Finance Act, 1994 contains entries, which are called Negative List of Services.
Currently, there are 16 entries in Section 66D. Certain entries have sub-entries, there by extending the scope.
All other services, except mentioned in Section 66D shall be taxable.
Since all other services except mentioned in Section 66D are taxable, it is relevant to define,
what is a ‘service’? Hence, after 18 years of introduction, the phrase ‘service’ has been defined.
Earlier, there used to be a definition for taxable service for each 119 activities. Only after
01.07.2012, a generalized definition has come into the statute book.
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14. New Law:
Under the current law, the activity shall be subjected to service tax, if any of the following are
not met:
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Check #1
• Is the activity is excluded from the definition of ‘service’?
Check # 2
• Is the activity specified under Section 66D?
Check # 3
• Is the activity covered under Mega Exemption Notification?
15. Preview of Next Session:
In the next session, the discussion shall be on the detailed analysis of definition of ‘service’ and
entries in the ‘declared services’.
The session shall be on 27th May, 2016.
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