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
Budget 2017-18 - analysis of direct tax proposalsoswinfo
No change in tax slabs
The rate of income tax for individuals and HUF within the slab of 2.5 lakhs to Rs. 5 lakhs reduced from 10% to 5%.
Additional surcharge of 10% on the tax payable by a person having total income exceeding Rs. 50 lakhs but not exceeding Rs. 1 crore.
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
Budget 2017-18 - analysis of direct tax proposalsoswinfo
No change in tax slabs
The rate of income tax for individuals and HUF within the slab of 2.5 lakhs to Rs. 5 lakhs reduced from 10% to 5%.
Additional surcharge of 10% on the tax payable by a person having total income exceeding Rs. 50 lakhs but not exceeding Rs. 1 crore.
Budget 2017-2018 - analysis of indirect tax proposals - generaloswinfo
“There is no significant loss or gain in my indirect tax proposals. – para 181 of FM Speech on 01.02.2017
This entire presentation is linked with English, Hindi and Tamil Film Titles for the purpose of creativity and humor and has no connection with the film or its contents.
Background
Even though Union Budget, 2017 is supposed to be on 01.02.2017, the Government has introduced significant changes to service tax law through the issue of Notification No. 01/2017, 02/2017, 03/2017 and 04/2017 dated 12.01.2017.
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.
Transitional provisions-under GST in Indiasanjay gupta
Coming July,1 2017 GST will be implemented in India. Transitional phase will be very painful for Registered dealers. This presentation deals with the Transitional provision under GST Act in India
“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.
Budget 2017-2018 - analysis of indirect tax proposals - generaloswinfo
“There is no significant loss or gain in my indirect tax proposals. – para 181 of FM Speech on 01.02.2017
This entire presentation is linked with English, Hindi and Tamil Film Titles for the purpose of creativity and humor and has no connection with the film or its contents.
Background
Even though Union Budget, 2017 is supposed to be on 01.02.2017, the Government has introduced significant changes to service tax law through the issue of Notification No. 01/2017, 02/2017, 03/2017 and 04/2017 dated 12.01.2017.
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.
Transitional provisions-under GST in Indiasanjay gupta
Coming July,1 2017 GST will be implemented in India. Transitional phase will be very painful for Registered dealers. This presentation deals with the Transitional provision under GST Act in India
“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.
The presentation consists:
Comparison of provision under ST and GST, Value of taxable supply, place of supply
Place of Supply _ GST
Taxable supplies
Bullion business vertical
Exempt services and supply
Analysis of Head wise Incomes earned by banks
Service Accounting Code
INPUT TAX CREDIT
List of common expenses & credit availability
How to Correct errors as Revision is not permissible
STOCK TRANSFER OF SERVICES_ ISD VS CROSS CHARGE
Some of the Grey areas
VAT driven local purchases
Cost driven CST purchases
Duty burden on imports
Complex State Laws
Ever changing tax landscape
Different decisions on the same issue
Border controls
VAT driven local purchases
Cost driven CST purchases
Duty burden on imports
Complex State Laws
Ever changing tax landscape
Different decisions on the same issue
Border controls
On 12th January 1946, Rs. 500 was demonetized and people were given 10 days for exchange. After this period explanation was required as to why exchange was not done in the first 10 days.
The Scheme was a failure as out of the total issue of Rs. 143.97 crores of High Denomination Notes, Rs. 134.90 crores were exchanged. Thus only Rs. 9 crores were demonetized.
1946 exercise turned out to be only an exchange.
Enrolment Plan for your State
The schedule of the enrolment activation drive for states is given below. We encourage you to complete the enrolment during the specified dates. However, the window will be open till 31/01/2017 for those who miss the chance.
The Goods & Service Tax regime is most likely to become a reality from April 2017. The Government of India has been taking a number of steps at unbelievable speed to implement the new regime. Following the Model Law, the Draft Rules for registration, payment, invoice, returns and refunds were released. The Government has also released an FAQ on GST.
The mood is positive for GST with the Congress appearing to soften its stand and press reports indicating a possible five hour debate in the Parliament on the 122nd Constitutional Amendment.
Section 206AA – Rule 37BC
Central Board of Direct Taxes vide Notification No. 53/2016 dated 24.06.2016 has amended the Income Tax Rules, 1962 by inserting a new Rule 37BC through the IT (17th Amendment) Rules, 2016.
The e-commerce boom was marked by multiple players, rosy valuations and now slowly reality has set in and the price wars have taken their toll. The VAT authorities across the country have had their tryst with this industry with notices, demands, levy of entry tax and litigation. Currently whenever there is a tax or a business problem, the immediate response from the industry or the administrator or the media is that GST is the only solution.
Section 65(105)(zzzh) provides for a levy of service tax on services in relation to ‘construction of complex’ and an explanation was added by Finance Act, 2010.
The new law provides for an equalisation levy of 6% on the amount of consideration received, or receivable on specified services carried on by a non-resident not having a permanent establishment in India.
Article co-owners of house property - dt & dt implicationsoswinfo
When more than one person owns a property and the said property realizes revenue in the form of rent and interest on loan is involved, direct and indirect tax implications require examination in the light of relevant statutory provisions and judicial precedents.
Many ways to support street children.pptxSERUDS INDIA
By raising awareness, providing support, advocating for change, and offering assistance to children in need, individuals can play a crucial role in improving the lives of street children and helping them realize their full potential
Donate Us
https://serudsindia.org/how-individuals-can-support-street-children-in-india/
#donatefororphan, #donateforhomelesschildren, #childeducation, #ngochildeducation, #donateforeducation, #donationforchildeducation, #sponsorforpoorchild, #sponsororphanage #sponsororphanchild, #donation, #education, #charity, #educationforchild, #seruds, #kurnool, #joyhome
Russian anarchist and anti-war movement in the third year of full-scale warAntti Rautiainen
Anarchist group ANA Regensburg hosted my online-presentation on 16th of May 2024, in which I discussed tactics of anti-war activism in Russia, and reasons why the anti-war movement has not been able to make an impact to change the course of events yet. Cases of anarchists repressed for anti-war activities are presented, as well as strategies of support for political prisoners, and modest successes in supporting their struggles.
Thumbnail picture is by MediaZona, you may read their report on anti-war arson attacks in Russia here: https://en.zona.media/article/2022/10/13/burn-map
Links:
Autonomous Action
http://Avtonom.org
Anarchist Black Cross Moscow
http://Avtonom.org/abc
Solidarity Zone
https://t.me/solidarity_zone
Memorial
https://memopzk.org/, https://t.me/pzk_memorial
OVD-Info
https://en.ovdinfo.org/antiwar-ovd-info-guide
RosUznik
https://rosuznik.org/
Uznik Online
http://uznikonline.tilda.ws/
Russian Reader
https://therussianreader.com/
ABC Irkutsk
https://abc38.noblogs.org/
Send mail to prisoners from abroad:
http://Prisonmail.online
YouTube: https://youtu.be/c5nSOdU48O8
Spotify: https://podcasters.spotify.com/pod/show/libertarianlifecoach/episodes/Russian-anarchist-and-anti-war-movement-in-the-third-year-of-full-scale-war-e2k8ai4
ZGB - The Role of Generative AI in Government transformation.pdfSaeed Al Dhaheri
This keynote was presented during the the 7th edition of the UAE Hackathon 2024. It highlights the role of AI and Generative AI in addressing government transformation to achieve zero government bureaucracy
This session provides a comprehensive overview of the latest updates to the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (commonly known as the Uniform Guidance) outlined in the 2 CFR 200.
With a focus on the 2024 revisions issued by the Office of Management and Budget (OMB), participants will gain insight into the key changes affecting federal grant recipients. The session will delve into critical regulatory updates, providing attendees with the knowledge and tools necessary to navigate and comply with the evolving landscape of federal grant management.
Learning Objectives:
- Understand the rationale behind the 2024 updates to the Uniform Guidance outlined in 2 CFR 200, and their implications for federal grant recipients.
- Identify the key changes and revisions introduced by the Office of Management and Budget (OMB) in the 2024 edition of 2 CFR 200.
- Gain proficiency in applying the updated regulations to ensure compliance with federal grant requirements and avoid potential audit findings.
- Develop strategies for effectively implementing the new guidelines within the grant management processes of their respective organizations, fostering efficiency and accountability in federal grant administration.
Up the Ratios Bylaws - a Comprehensive Process of Our Organizationuptheratios
Up the Ratios is a non-profit organization dedicated to bridging the gap in STEM education for underprivileged students by providing free, high-quality learning opportunities in robotics and other STEM fields. Our mission is to empower the next generation of innovators, thinkers, and problem-solvers by offering a range of educational programs that foster curiosity, creativity, and critical thinking.
At Up the Ratios, we believe that every student, regardless of their socio-economic background, should have access to the tools and knowledge needed to succeed in today's technology-driven world. To achieve this, we host a variety of free classes, workshops, summer camps, and live lectures tailored to students from underserved communities. Our programs are designed to be engaging and hands-on, allowing students to explore the exciting world of robotics and STEM through practical, real-world applications.
Our free classes cover fundamental concepts in robotics, coding, and engineering, providing students with a strong foundation in these critical areas. Through our interactive workshops, students can dive deeper into specific topics, working on projects that challenge them to apply what they've learned and think creatively. Our summer camps offer an immersive experience where students can collaborate on larger projects, develop their teamwork skills, and gain confidence in their abilities.
In addition to our local programs, Up the Ratios is committed to making a global impact. We take donations of new and gently used robotics parts, which we then distribute to students and educational institutions in other countries. These donations help ensure that young learners worldwide have the resources they need to explore and excel in STEM fields. By supporting education in this way, we aim to nurture a global community of future leaders and innovators.
Our live lectures feature guest speakers from various STEM disciplines, including engineers, scientists, and industry professionals who share their knowledge and experiences with our students. These lectures provide valuable insights into potential career paths and inspire students to pursue their passions in STEM.
Up the Ratios relies on the generosity of donors and volunteers to continue our work. Contributions of time, expertise, and financial support are crucial to sustaining our programs and expanding our reach. Whether you're an individual passionate about education, a professional in the STEM field, or a company looking to give back to the community, there are many ways to get involved and make a difference.
We are proud of the positive impact we've had on the lives of countless students, many of whom have gone on to pursue higher education and careers in STEM. By providing these young minds with the tools and opportunities they need to succeed, we are not only changing their futures but also contributing to the advancement of technology and innovation on a broader scale.
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
What is the point of small housing associations.pptxPaul Smith
Given the small scale of housing associations and their relative high cost per home what is the point of them and how do we justify their continued existance
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
1. Page 1 of 5
K. VAITHEESWARAN & Co.
Advocates & Tax Consultants
No.9, Thanikachalam Road, T. Nagar, Chennai – 600 017.
Tel.: 2433 1029 / Mob.: 98400 96876
Email: vaithilegal@yahoo.co.in / vaithilegal@gmail.com
SERVICE TAX ALERT 22nd
May 2015
A. CHANGES W.E.F. 01.06.2015
1. Section 66B – Rate of Service Tax - Increased
The rate of service tax has been increased from 12% to 14% subsuming cess.
The applicable rates based on the Point of Taxation Rules, 2011 is given in the
following table:
S.
No.
Taxable
Service
Provided
Issue of
Invoice
Receipt of
Payment
Point of Taxation Rate
Applicable
1. Before
01.06.2015
After
01.06.2015
After
01.06.2015
Date of payment or issue
of invoice whichever is
earlier
14%
2. Before
01.06.2015
Before
01.06.2015
After
01.06.2015
Date of issue of invoice 12.36%
3. Before
01.06.2015
After
01.06.2015
Before
01.06.2015
Date of payment 12.36%
4. After
01.06.2015
Before
01.06.2015
After
01.06.2015
Date of payment 14%
5. After
01.06.2015
Before
01.06.2015
Before
01.06.2015
Date of payment or Issue
of invoice whichever is
earlier
12.36%
6. After
01.06.2015
After
01.06.2015
Before
01.06.2015
Date of issue of invoice 14%
The TRU Circular dated 19.05.2015 confirms this position. Without prejudice, it
may also be worthwhile to examine whether PoT Rules by itself, would have
relevance in the light of Section 67A which was introduced subsequently by
Finance Act, 2012 and which provided that rate of service tax shall be the rate as
applicable at the time when the taxable service has been provided or agreed to be
provided. This is specifically relevant in a situation where service has been
provided before 01.06.2015 but the invoice is raised and payment is received after
01.06.2015. When Section 67A was introduced by Finance Act, 2012, Para C-
1(2) of the TRU Circular dated 16.03.2012 explaining the provisions had clarified
that a new Section 67A is being inserted to prescribe the relevant date for the
application of rate of exchange, valuation, or rate of service tax.
2. Page 2 of 5
2. Entertainment and Amusement
Section 66D(j) dealing with negative list and which covered “admission to
entertainment event or access to amusement facility” has been omitted paving
way for a levy of service tax through the route of general levy except for certain
exemptions in the following manner:
(i) Services by way of right of admission to exhibition of cinematographic
film, circus, dance, or theatrical performance including drama or ballet;
(entry 47 Notification No. 25/2012)
(ii) Services by way of right of admission to recognised sporting event; (Entry
47, Notification No.25/2012). Recognised sporting event means any
sporting events organized by recognised sports body where the
participating team or individual represents any District, State, Zone or
Country or a sporting event referred to in Entry 11 of Notification
No.25/2012.
(iii) Services by way of right of admission to award function, concert, pageant,
musical performance or any sporting event other than a recognised
sporting event, where the consideration for admission is not more than
Rs. 500 per person. (Entry 47, Notification No.25/2012).
Therefore with effect from 01.06.2015 other than the exempted items, service tax
shall be levied on the services provided by way of admission to entertainment
event as well as access to amusement facility. To illustrate, establishments which
provide fun or recreation by means of rides, gaming devices or bowling alleys,
amusement parks, amusement arcades, water parks, theme parks, etc. would fall
within the ambit of the new levy. Similarly, apart from the list of specific events
referred in the exemption Notification whereby service tax would apply if the
consideration for admission exceeds Rs.500/-, admission to other entertainment
events would also attract service tax.
Taxes on entertainments, amusements fall under Entry 62, State List, Seventh
Schedule and only the State has the power to levy tax. In fact, States have levied
entertainment tax on IPL, amusement parks, bowling, gaming centres etc.
3. Betting, Gambling and Lottery
An explanation has been introduced to Section 66D(i) of the Finance Act, 1994
dealing with betting, gambling and lottery in order to specify that it does not
include the activity specified in Explanation 2 to Section 65B(44).
The TRU Circular dated 19.05.2015 indicates that the amendment is to make it
explicitly clear that betting, gambling or lottery shall not include the activity
carried out by a lottery distributor or selling agent in relation to promoting,
marketing, organizing, selling of a lottery or facilitating in organizing of lottery of
any kind.
It is also relevant to note that taxes on betting and gambling also fall under Entry
62, State List, Seventh Schedule of the Constitution of India.
3. Page 3 of 5
4. Process amounting to Manufacture or Production of Goods - Liquor
The entry in the Negative List that covered service by way of any process
amounting to manufacture or production of goods (Section 66D (f)) is being
trimmed to exclude any service by way of carrying out any processes for
production or manufacture of alcoholic liquor for human consumption.
Amendments have also been made to Entry 30(c) of Notification No.25/2012 in
order to impose service tax on contract manufacturing /job work for production of
potable liquor for human consumption for a consideration.
5. Rule 6 (7) of Service Tax Rules – Air Travel Agent – Rate modified
The option provided to an air travel agent to pay service tax on booking tickets at
the rate of 0.6% has been enhanced to 0.7% of the basic fare for domestic
bookings and from 1.2% to 1.4% of the basic fare for international bookings.
6. Rule 6(7A) of Service Tax Rules – Life Insurance premium - Rate modified
The rate of service tax payable on the premium charged by the Insurance
Company from the policy holder has been enhanced from 3% to 3.5% for the first
year and from 1.5% to 1.75% for the subsequent years.
7. Rule 6(7B) of Service Tax Rules – Foreign Currency - Rate modified
The rate of service tax payable on the purchase and sale of foreign currency had
been fixed instead of discharging service tax at the rate of 14%. The previous
rates and the new rates are given below:
(a) 0.12% of the gross amount of currency exchanged for an amount upto
Rs.1,00,000/- subject to minimum of Rs.30 stands increased to 0.14 % and
the minimum amount to Rs.35 respectively.
(b) Rs.120 and 0.06% of the gross amount of currency exchanged for an amount
exceeding Rs.1,00,000/- and upto Rs.10,00,000/- stands increased to Rs. 140
and 0.07% respectively.
(c) Rs.660 and 0.012% of the gross amount of currency exchanged for an
amount exceeding Rs. 10,00,000/- subject to maximum of Rs.6,000 stands
increased to Rs.770 and 0.014% and the maximum amount to Rs.7,000
respectively.
8. Rule 6(7C) of Service Tax Rules – Lottery
The service tax payable by the distributor or selling agent of lottery on promotion,
marketing and organizing fixed based on the slab amounts has been increased as
under:
Sl. No. Rate
1. Rs.7000 stands increased to Rs.8200 on every Rs.10 lakh (or part of
Rs.10 lakh) of aggregate face value of lottery tickets printed by the
4. Page 4 of 5
organizing State for a draw.
2. Rs.11,000 stands increased to Rs.12,800 on every Rs.10 lakh (or part
of Rs.10 lakh) of aggregate face value of lottery tickets printed by the
organizing State for a draw.
9. Cenvat Credit
Rule 6 of the Cenvat Credit Rules, 2004 is being amended to provide for
payment for 7% of the value of exempted service as against 6% of the value of
exempted services. This is to factor the increase in rate of service tax. The
percentage for value of exempted goods continues at 6%.
B. CHANGES w.e.f. 14.05.2015
1. Government
A definition of ‘Government’ is introduced through Section 65B(26A).
Accordingly, “Government” means the Departments of the Central Government,
a State Government and its Departments and a Union territory and its
Departments, but shall not include any entity, whether created by a statute or
otherwise, the accounts of which are not required to be kept in accordance with
Article 150 of the Constitution or the rules made thereunder;
2. Chit Fund and Lottery
Amendments have been made to the definition of ‘service’ in terms of Section
65B(44) in order to bring within the ambit of taxation, the services by a lottery
distributor or selling agent in relation to promotion, marketing, organising, selling
of lottery or facilitating in organising lottery of any kind, in any other manner;
and services by a foreman of chit fund for conducting or organising a chit in any
manner.’
3. Bundled Service
An illustration has been inserted to Section 66F(1) to explain the concept. The
illustration reads as under:-
The services of the Reserve Bank of India being the main service within the
meaning of Section 66D(b) does not include any agency service provided or
agreed to be provided by any bank to the Reserve Bank of India. Such agency
service being input service used by the Reserve Bank of India for providing the
main service for which consideration by way of fee or commission or any other
amount is received by the agent bank does not get excluded from the levy of
service tax by virtue of inclusion of the main service in 66D(b) and hence such
service is liable to service tax.
4. Section 67 – Consideration
The term ‘consideration’ in the explanation to Section 67 is now being substituted
by a new definition.
5. Page 5 of 5
Consideration would include
(i) Any amount that is payable for the taxable services provided or to be
provided;
(ii) Any reimbursable expenditure or cost incurred by the service provider and
charged, in the course of providing or agreeing to provide a taxable
service, except is such circumstances, and subject to such conditions, as
may be prescribed;
(iii) Any amount retained by the lottery distributor or selling agent from gross
sale amount of lottery ticket in addition to the fee or commission, if any,
or, as the case may be, the discount received, that is to say the difference
in the face value of lottery ticket and the price at which the distributor or
selling agent gets such ticket;
The TRU while explaining the scope of Budget 2015 vide Circular dated
28.02.2015 has clarified that the intention has always been to include
reimbursable expenditure in the value of taxable service and since in some cases
courts have taken a contrary view, the intention of the legislature is being stated
specifically in Section 67.
It is also relevant to note that Section 118 of the Finance Act, 2015 has substituted
Section 94(2)(aa) to enable the framing of Rules for determination of the amount
and value of taxable service, the manner thereof and the circumstances and
conditions under which an amount shall not be consideration, under Section 67.
5. Other amendments
Amendments have been carried out to Section 73 to enable recovery action in
respect of self-assessed tax reflected in the return.
A new system of reduced penalties has been introduced through amendments to
Section 76 and 78.
The provision which allowed waiver of penalty in terms of Section 80 is no longer
available.
Where the First Appellate Authority rejects a claim of rebate of service tax on
input services or duties on inputs in respect of service exports then appeal to
Tribunal is no longer available but revision to Central Government is available
akin to excise rebate matters.
Disclaimer:- This note is in the form of an alert for the purpose of information and is based on changes
implemented through the Act and Notifications. The position can change if there are any modifications or
amendments or decisions to the contrary. The Note does not constitute a legal opinion or advisory. If any
clarifications are required, professional advice will have to be sought.
*****