Service tax
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Service Tax is an indirect tax imposed on specified taxable services in India. It is defined in Section 65B of the Finance Act and excludes certain activities like the sale of goods, money transactions, and services provided by employees. Every provider of taxable services must register for Service Tax by filing Form ST-1 within 30 days. There is a "negative list" of 17 services that are exempt from Service Tax. The goal of Service Tax is to reduce taxes on manufacturing and trade while still generating government revenue.
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The document summarizes key aspects of India's proposed Goods and Services Tax (GST) model law. It outlines 18 essential features of the law, including that it will levy tax on the supply of goods and services, define taxable persons and businesses, determine the time and value of taxable supplies, provide for input tax credits, registration requirements, tax returns, payments, and transitional provisions for existing taxes. The model law aims to simplify India's tax regime by introducing uniform GST across states to replace existing indirect taxes.
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The document provides an overview of key aspects of the Integrated Goods and Services Tax (IGST) Act in India. It notes that IGST is levied on all inter-state supplies of goods and services at a rate not exceeding 40%. Zero-rated supplies that allow for input tax credit include exports and supplies to special economic zones. Advance rulings under the IGST Act provide binding guidance on issues like classification and taxability. Refund provisions exist for taxes wrongly paid and for goods purchased in India by international tourists.
Equalisation Levy - A Comprehensive Analysis
The document discusses India's equalization levy, a tax on digital services provided by non-resident companies without a permanent establishment in India. It was introduced in 2016 and expanded in 2020-21. The levy applies to online advertising and e-commerce operators with India-based revenues over INR 1-2 crore. It is collected at 6-2% rates. Exemptions and penalties for non-compliance are provided. The levy aims to address tax challenges from the digitalization and growth of e-commerce across borders.
GST overview presentation ca vichar manch 12-05-2017 vinod jain
The document discusses the passage of the key GST bills in India and provides details on the implementation of GST. It notes that four acts were passed - the Central GST Act, Integrated GST Act, Union Territory GST Act, and the Compensation Act. It also outlines some of the draft GST rules issued and states that the government aims to roll out GST on July 1st, 2017. Further, it describes aspects of the new GST framework such as the types of taxes subsumed, registration requirements, taxation of supplies, input tax credit mechanics, and definitions under the CGST Act.
“Service Tax Law Simplified” - Session ii
This document provides an overview of the scope of taxation of services under the new service tax regime in India. It discusses key aspects such as the definition of "service", exclusions and inclinations, charge of service tax, declared services, and bundled services. The presentation covers topics like the meaning of service, consideration, persons, activities that constitute a service, negative list of services, exemptions, and taxability of various services and transactions.
Budget'15 Analysis- Service Tax
“Highlights - Budget 2015-16 - Service Tax" containing descriptions of entire amendments that took place through the Union Budget, 2015 in the field of Indirect taxes, formerly covering Service Tax.
Reverse Charge Mechanism Under Service Tax Laws
The document discusses various aspects of the reverse charge mechanism under service tax in India. It defines reverse charge mechanism and explains when it came into effect. It lists 12 services to which reverse charge applies and whether it is full or partial reverse charge. It addresses issues around point of taxation, CENVAT credit, valuation, exemptions and compliance requirements. It provides an example of the accounting treatment and invoice format under reverse charge mechanism.
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Changes in Cenvat rules and Pot Rules Mr. Puneet agrawal
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Seminar on Service Tax at Jaipur on 20.4.2013(Session ii)
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Meaning of the term "Service" in Service tax as per Finance Act, 1994
Meaning of the term "Service" in Service tax as per Finance Act, 1994
A Presentation on Service Tax & Related Compliances
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GST overview presentation ca vichar manch 12-05-2017 vinod jain
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Private Limited Company vs Limited Liability Partnership (LLP) vs One Person ...
Private Limited Company vs Limited Liability Partnership (LLP) vs One Person ...vakilsearch_tutorial
It should take no longer than 5 minutes to choose between the available legal structures for your business. Your options are the Private Limited Company, Limited Liability Partnership (LLP), One-Person Company (OPC), General Partnership and Sole Proprietorship. But the general approach to this decision is so academic, entrepreneurs end up wasting their time. There’s no need to educate yourself on the minute differences between say, a Private Limited Company and an LLP. This is because, with only a few exceptions, every business will be suited to just one legal structure. So let's find out which one is right for you.Articles of Association and its Contents
The articles of association are the internal rules and regulations of a company that are subordinate to and controlled by the memorandum of association. They deal with member rights and carrying out the aims of the memorandum. The articles must contain certain provisions depending on the type of company, such as restricting share transfers for a private company. They typically contain rules regarding share capital, meetings, directors, accounts, and winding up. The articles are signed by subscribers in the presence of a witness.
MOU's and MOA's
The document outlines the key differences between a Memorandum of Understanding (MOU) and a Memorandum of Association (MOA). An MOU defines a general understanding between parties and does not involve funds, while an MOA is a legal document required for company registration that defines the relationship with shareholders and includes details like the company name and shareholder names. Both documents can be modified more easily than treaties but serve different purposes, with an MOU outlining cooperation and an MOA serving as a company's constitution.
What is the difference between a Trademark and a Service Mark?
A service mark is a word, name, symbol or device that identifies and distinguishes the source of a service. It can be registered to exclusively identify the services of one business and differentiate those services from competitors. A service mark is used in the advertising or sale of services, whereas a trademark identifies goods. The procedures for registering and rights granted are otherwise the same for trademarks and service marks, except service marks are used to identify services rather than products. Specimens demonstrate how a mark is presented publicly and can include advertisements, flyers or photographs for service marks.
What is patent licensing?
Patent licensing involves granting exploitation rights over a patent to a licensee rather than exploiting the patent directly. This forms a legal contract that spells out the rights and obligations of both parties. Licenses can be revoked if obligations like sales targets are not met, while assigning a patent transfers ownership permanently. Licensors seek to profit from royalties paid by licensees over the patent term. Performance obligations in licenses help ensure steady progress in developing and marketing the patented invention.
What is the procedure to apply for a copyright?
The document outlines the procedure to apply for a copyright in India. It begins by defining copyright and noting that it is governed by the Copyright Act of 1957. It then lists the rights conferred by registration, noting that while registration is not required to acquire copyright, it provides evidentiary support in legal disputes. Finally, it provides the requisites for a copyright application and outlines the application and examination procedure, concluding that a certificate will be issued if the application satisfies the Copyright Registry.
What is the difference between a Contract and an Agreement?
A contract is a legally binding agreement between two or more competent parties that creates obligations. The key elements of a valid contract are offer and acceptance, lawful consideration, capacity and consent of the parties, a lawful object, and certainty. Contracts can be express, implied, oral, or written. An agreement is a broader term that refers to a mutual understanding between parties, but it may lack elements like consideration that are necessary for a contract to be legally enforceable. While contracts create legal obligations, agreements are not always legally binding and can be changed by either party.
Sales Tax Registration
The document outlines the documents needed to register for sales tax in 3 sentences or less depending on the type of business entity. For a sole proprietorship, documents include identity proof, passport photos, and proof of business premises ownership or rental. For a partnership firm, the same documents are required for each partner. For a private limited company, identity proof and photos are needed for each director along with documents proving ownership or rental of business premises.
Trademark Licensing
Trademark licensing allows a registered trademark owner to grant permission to another party to use the trademark. It provides benefits to both parties, allowing the owner to expand their business and the licensee to generate revenue with less investment. However, there is a risk that the licensee could exploit the trademark more successfully than the owner or that unauthorized usage could occur. Key principles for trademark licensing include source identification, where the trademark must be connected to the owner, quality control to preserve the brand's reputation, and connection in the course of trade to ensure quality control is maintained.
Rules to follow to set up a Joint Venture with an Indian company
There are three common types of joint venture companies in India: 1) where one party transfers their business to a new company and receives shares, while the other party subscribes for shares in cash, 2) where both parties subscribe to shares in the new company in agreed proportions in cash to start a new business, 3) where an existing company collaborates with a third party who takes shares in the company through cash payment. Joint ventures are incorporated like private or public companies under Indian law. Key issues to address include foreign investment caps, agreement terms, director nominees, office location, and necessary approvals. The joint venture agreement should specify shareholding proportions, decision-making, management structure, funding, and dispute resolution
FIR- First Information Report
An FIR is a written document prepared by the police upon receiving information about a cognizable crime. It is called a "First Information Report" because it contains the first information received by the police about a crime. An FIR can be filed by the victim of the crime or anyone else who has knowledge of the crime. It should include details like the names and descriptions of those involved, the date, time, and location of the incident. Recording an FIR immediately is important as it helps the police arrest offenders and collect evidence, and the earliest version is considered most reliable by courts.
“Shops and establishments” Registration
This document summarizes the key points of the Shops and Establishments Act, including that it requires all business establishments in India to register, it covers various types of commercial establishments, and sets rules around working hours, leave, and maintaining employment records. Employers must register their business within 30 days of opening, providing details to the Inspector, and get a registration certificate to display. Any changes or closure must also be communicated. The specific rules can vary by state.
Loan agreement
A loan agreement outlines the terms and conditions agreed upon between a lender and borrower for a loan. It defines responsibilities of both parties for the loan's duration. Key points addressed include applicable interest rates and fees, repayment terms, penalties for early payoff, and whether the loan is secured or unsecured by collateral. To enter a loan agreement, borrowers optimize their credit, establish income sources, research loan types and lenders, and provide documentation before signing.
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This document discusses legal notice and provides guidance on drafting a legal notice. It explains that there are three types of legal notices: legal notice, constructive notice, and actual notice. Legal notice is a notice given to inform the public about certain legal proceedings. The document then outlines the key parts of a legal notice template, including the footer with contact details, main body with reasons and required actions, and a signature section. It provides examples of language to use for each part. Finally, it discusses specifics around drafting a legal notice for tenant eviction, such as including names, dates, facts, and the objective in a polite but firm tone.
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A consumer complaint cannot be filed for goods or services that are used for commercial purposes, or intended to generate a profit. However, if a product is used for self-employment, even if it is involved in profit maximization, it is not considered commercial use. For example, Rahul who owns a transport company cannot file a complaint about a defective truck he purchased for his business use.
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A consumer complaint cannot be filed for goods or services that are used for commercial purposes, or intended to generate a profit. However, if a product is used for self-employment, even if it is involved in profit maximization, it is not considered commercial use. For example, Rahul who owns a transport company cannot file a complaint about a defective truck he purchased for his business use.
Letter of intent
A letter of intent (LOI) outlines the intended terms of an agreement between two parties, but is not legally binding. It acknowledges both parties' willingness to enter a business relationship or transaction. While not completely binding, some LOIs contain provisions like non-disclosure agreements or an agreement to negotiate in good faith. LOIs are similar to memorandums of understanding but differ in that LOIs involve two parties and require signature from just the expressing party, whereas MOUs involve multiple parties and require all signatures. LOIs are commonly used during mergers and acquisitions, construction projects, real estate purchases, and for applying for government grants.
Terms to include in a terms of service
The document outlines key terms that should be included in a terms of service agreement between a service provider and client. It recommends specifying charging fees including rates, payment deadlines and late fees, limits on outstanding debt, working hours, procedures for terminating a project early, the client accepting all work, rights over ownership of completed work, and restrictions on copying or marketing completed work. The terms of service help ensure both parties understand expectations to avoid future complications.
Closing down a proprietorship
A proprietorship can be closed for two main reasons - the wish of the proprietor or the death of the proprietor. If closing due to the proprietor's wish, there is generally no legal process required but any licenses held must be surrendered according to state laws. It is also advisable to clear all debts before closing to avoid future litigation. When closing a bank account associated with the proprietorship, any credit taken from the bank such as overdrafts must also be paid off.
Liaison office in India
The document discusses the role and permissions of a liaison office in India. A liaison office acts as a communication channel between a foreign parent company and its current or prospective customers in India, allowing it to represent the parent company, promote exports/imports and technical/financial collaborations. However, a liaison office cannot conduct any commercial activities or earn income in India. It must comply with tax withholding obligations and can only repatriate balances in its special bank account upon closure. Setting one up involves applying to the Reserve Bank of India with various documents like the parent company's charter and audited financial statements.
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Private Limited Company vs Limited Liability Partnership (LLP) vs One Person ...
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What is the difference between a Trademark and a Service Mark?
What is the difference between a Trademark and a Service Mark?
What is the difference between a Contract and an Agreement?
What is the difference between a Contract and an Agreement?
Rules to follow to set up a Joint Venture with an Indian company
Rules to follow to set up a Joint Venture with an Indian company
Service tax
- 1. Service Tax IMPORTANT THINGS TO KNOW
- 2. Service Tax is a form of indirect tax imposed on specified services called "taxable services". The objective behind levying service tax is to reduce the degree of intensity of taxation on manufacturing and trade without forcing the government to compromise on the revenue needs.
- 3. Where is Service defined ? Section 66B has been introduced in this Finance Act and Service has been defined in clause (44) of the new section 65B. The definition of service has be divided into three parts i.e. means part‘, inclusive part ‘and exclusion part‘.
- 4. What is not a service? The definition of service as provided in Section 65B (44) specifically excludes certain activities which would not be considered as service. These are not services: (i) A transfer of title in goods or immovable property, by way of sale, gift or in any other manner; or (ii) A transaction in money or actionable claim; (b) A provision of service by an employee to the employer in the course of or in relation to his employment; (c) Fees taken in any Court or tribunal established under any law for the time being in force.
- 5. Things to keep in mind Every person liable to pay service tax is required to register by making an application to the Superintendent of Central Excise in terms of section 69. In terms of Rule 4 of Service Tax Rules 1994, an application in Form ST 1 would have to be filed within thirty days from the date on which the taxable service is provided/tax is levied on such service. There is a list of 17 activities called the negative list is provided which are completely outside the service tax bracket.
- 6. THANK YOU !!