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.
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.
Indirect Taxes is a significant area of professional practice with limited number of professionals well conversant of the law. One such Tax is Service Tax. In India it is a complicated affair and shall remain so till at least GST is introduced. Negative list has brought in a new tax regime. The Cenvat Credit Rules, Place of Provision of Service Rules and the Point of Taxation Rules are important components to understand this law.
U.S. Gandhi Budget 2015 - 2016 AnalysisKunal Gandhi
Rarely has there been a budget as highly anticipated as this one.
Coming on the heels of the defeat of the ruling BJP in the recent Delhi elections, there were expectations that the original ‘Maximum governance, minimum government’ model would give place to a more populist agenda.
India Inc on the other hand expected improving the ease of doing business and a more rational tax regime.
While Corporate tax was lowered and Wealth tax was abolished, a major theme in the budget was creating a social security framework. Targeting a GDP growth rate of 8 – 8.5%, the budget plans to keep the deficit to within 3.9% of GDP by laying special emphasis on infrastructure development with a major spend budgeted on Road building.
All in all, though there were no big bang reforms, the budget 2015 was a good mix of Pragmatism and Populism. We are optimistic about growth and believe a lot more reforms are expected in the coming 3 years.
Last year, New York City passed a law requiring certain employers to offer commuter benefits to their employees. This new law, known as the New York City (NYC) Transit Ordinance, goes into effect January 1, 2016. Many companies are unaware of what this means for them or how to comply. Are you with one of these companies?
Service Tax was introduced in India by the Finance Act 1994.
Service tax is the tax charged and collected by the government of India from specified service providers rendering certain specified services mentioned under section 65 of the Act.
The service provider collects it as a separate charge from service receiver.
The most common service tax that service receiver are familiar with is in restaurant and hotel bills.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
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𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
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"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
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Recruiting in the Digital Age: A Social Media MasterclassLuanWise
In this masterclass, presented at the Global HR Summit on 5th June 2024, Luan Wise explored the essential features of social media platforms that support talent acquisition, including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok.
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B2B payments are rapidly changing. Find out the 5 key questions you need to be asking yourself to be sure you are mastering B2B payments today. Learn more at www.BlueSnap.com.
The key differences between the MDR and IVDR in the EUAllensmith572606
In the European Union (EU), two significant regulations have been introduced to enhance the safety and effectiveness of medical devices – the In Vitro Diagnostic Regulation (IVDR) and the Medical Device Regulation (MDR).
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Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
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Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
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2. Why Rule- 6 PPT?
• Most detailed rule in CENVAT
• Applicable to almost all organizations under excise and service tax
• Most amended rule of CENVAT other than definition
• It expected to create more litigation
• Totally new rule introduced in 2016
ORIANA ADVISORS PVT LTD
3. Purpose of Rule-6
• Rule-6 specifies that
• The credit of input and input services used for either providing exempt services or
manufacturing of exempt goods should not be allowed.
• Also it provides mechanism for identifying the portion of common credit used for
providing exempt services or manufacturing of exempt goods.
ORIANA ADVISORS PVT LTD
4. Applicability of Rule-6
Fulfil one of the following conditions
• Any organization manufacturing any exempted goods along with taxable goods.
• Any organization providing taxable and exempt services.
• Any organization manufacturing any exempted goods and providing taxable service
• Any organization manufacturing any taxable goods and providing exempt service
And
It claims the credit of excise duty paid on input or it claims credit of service tax paid on
input services.
ORIANA ADVISORS PVT LTD
5. Exempted Goods
• Non Excisable goods (added in rule -6 from 1/03/16)
• Excisable goods for which duty mentioned in tariff @ 0%
• Excisable goods which are exempt as per any notification(With Specific exclusion)
• Excisable goods cleared under Notification 1/2012
• Excisable goods cleared under Notification 2/2012
ORIANA ADVISORS PVT LTD
6. Exempted Services
• Any activity which is not a service (added from 01/03/2016)
• Services specified under negative list
• Services specified under mega exemption notification or other service tax exemption
notification (Includes Trading)
• Abetment portion of services where no credit of input and input services is allowed.
ORIANA ADVISORS PVT LTD
7. Rule 6 Summary
• Exclusive exempt service provider or exclusive exempt goods manufacturer
• No Credit available for service tax paid on input services and excise duty paid on inputs
• Manufacturer of exempted and taxable goods and Service provider of taxable and
exempt service
• Payment of 6% on the value of exempted goods and 7% of value of exempted services.
or
• Proportionate method.
ORIANA ADVISORS PVT LTD
8. Proportionate Method
• This method has two type of working and liability payment
• Provisional monthly Working
• Yearly Working
ORIANA ADVISORS PVT LTD
9. Proportionate method - Provisional
• A= Credit exclusively used for manufacturing exempted goods and
providing exempted services (During the month)
• B= Credit exclusively used for manufacturing non exempted goods and
providing non exempted services. (During the month)
• C= Total Credit - (A + B) (this is called as common credit)
ORIANA ADVISORS PVT LTD
10. Proportionate method.-Provisional
• D= Value of Exempted services + Value of Exempted Goods (previous year)
• E= Value of Exempted Services & Goods + Value of non Exempted Services and
Goods (previous year)
• F= C x (D / E)
• Credit to be reversed = (A +F) (Proportionate common credit + exclusive used for
exempted)
ORIANA ADVISORS PVT LTD
11. Yearly Working
• The formula mentioned in the above slide is same. The only changes are as follows.
• The value of taxable and exempt goods and services considered of current year.
• The proportionate reversal is computed on the basis of total yearly credit and total yearly
turnover of taxable and exempt goods.
• Difference if any between provisional and final working needs to be paid before
30th June of succeeding year.
ORIANA ADVISORS PVT LTD
12. Yearly working
• If the amount reversed provisionally is greater than yearly final liability then the
excess reversal can be claimed as credit by 30th June of succeeding year.
• The delay of payment will attract interest @15% from 30th June till the date of
payment.
• Even if the intimation is not provided then officer may allow the assesse to pay the
liability under this method.
ORIANA ADVISORS PVT LTD
13. Rules for proportionate method
• The intimation of selection of proportionate option is mandatory.
• The monthly payment under this method will be considered as provisional payment.
• Where in last year no exempted service is provided then 50% of the credit will be
considered as common credit.
• The intimation within 15 days after final reversal of credit on 30th June of succeeding year.
ORIANA ADVISORS PVT LTD
14. Valuation
• Goods value will be determined as per the excise provisions and valuation rules thereunder.
• Services value will be determined as per service tax provisions and rules made thereunder.
• For trading the value will be difference between sales and Actual COGS or 10% of COGS
whichever is higher .
• For trading securities, the value will be difference between sales and purchases or 1% of
whichever is higher .
ORIANA ADVISORS PVT LTD
15. Special Provisions
• Transportation of goods or passenger by rail the reversal will be 2% instead of 7%.
• For banking company and NBFC, 50% CENVAT credit should be reversed instead
of actual proportion.
• No CENVAT credit on capital goods available for two years if the same is used
exclusively for providing exempt service or manufacturing exempt goods. (not
applicable to SSI Exemption)
ORIANA ADVISORS PVT LTD
16. Exclusions -Goods
• Export of goods or under CT-1
• Clearance of goods to SEZ, EOU, STPI,EHTP
• Supply to UN or Foreign diplomat mission.
• All goods exempt from customs for.
• Supply against International competitive Bidding
• Power project where supply is tied up with tariff based bidding.
• Power project awarded with tariff based Bidding.
• Supply made for solar power project
• Ethanol produced from molasses with specific conditions for sale.
ORIANA ADVISORS PVT LTD
17. Exclusion-Services
• Services provided to SEZ developer or unit in SEZ for authorized
operations.
• Services for transportation of goods by vessel from Indian Custom station.
• Export of service if the payment is received within 6 months from the date
of invoice.
ORIANA ADVISORS PVT LTD