The document summarizes key changes to India's service tax laws effective July 1, 2012. Key points include:
1) The service tax rate increased from 10% to 12% and the system shifted from a positive to a negative list.
2) Many services were exempted from tax and new sections were introduced to define taxable services and the place of provision.
3) A reverse charge mechanism was introduced for three specified services and the abatement scheme was modified.
4) Procedural amendments included changes to invoicing rules, cenvat credit, and limitations periods.
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.
This PPT talks about the services rendered outside the Territorial waters and the Service Tax applicability on the same. Under the International Law, recent developments have shown that the territory of a country, for exercising their jurisdictional rights and internal laws, has been extended to the Continental shelf and the Exclusive Economic Zones. But the rights given to the coastal country are limited and restricted. When compared with the previous notification passed by the Central Government, now the service tax will be charged irrespective of the area being designated or non-designated in the EEZ and the Continental shelf. This paper will analyse the implementations of the new amended notification. It will also compare the new notification with the other notifications of the Customs & Excise Act and Income Tax Act for drawing an extent of the applicability of the act to the territory of India, whether or not Service Tax can be charged for an area outside the territorial waters.
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.
This PPT talks about the services rendered outside the Territorial waters and the Service Tax applicability on the same. Under the International Law, recent developments have shown that the territory of a country, for exercising their jurisdictional rights and internal laws, has been extended to the Continental shelf and the Exclusive Economic Zones. But the rights given to the coastal country are limited and restricted. When compared with the previous notification passed by the Central Government, now the service tax will be charged irrespective of the area being designated or non-designated in the EEZ and the Continental shelf. This paper will analyse the implementations of the new amended notification. It will also compare the new notification with the other notifications of the Customs & Excise Act and Income Tax Act for drawing an extent of the applicability of the act to the territory of India, whether or not Service Tax can be charged for an area outside the territorial waters.
CA IPCC Indirect Tax Amendments for Nov 2015CA Karishma
Website: www.cakarishma.com
Facebook: https://www.facebook.com/cakarishma.in
Indirect Tax Amendments - Quick Revision PPT for CA IPCC applicable for Nov 2015 Examination by CA Karishma
The presentation contains the history of Reverse charge machainism from the date from which it was inroduced and the subsequent amendments. We have added all the services covered under Reverse Charge Mechainism till date. For ease of understanding, we have presented every service in the form of chart and diagrams.
CA IPCC Indirect Tax Amendments for Nov 2015CA Karishma
Website: www.cakarishma.com
Facebook: https://www.facebook.com/cakarishma.in
Indirect Tax Amendments - Quick Revision PPT for CA IPCC applicable for Nov 2015 Examination by CA Karishma
The presentation contains the history of Reverse charge machainism from the date from which it was inroduced and the subsequent amendments. We have added all the services covered under Reverse Charge Mechainism till date. For ease of understanding, we have presented every service in the form of chart and diagrams.
Service tax on works contract (Pre-Negative List)sandesh mundra
This ppt gives a glimpse of service tax payment in india as applicable to works contractors before the negative list. This is very relevant to builders and developers. Service Tax posers and illustrations were also covered by the speaker during the presentation.
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.
Here we are with the Thirty fifth successive issue of our monthly ‘Missive’.
We trust you will enjoy reading this Missive, even while soaking in the contents. We would very much appreciate your feedback which consistently helps us in improving and upgrading the contents.
Thanks and regards,
Knowledge Management Team
Dear Patron,
Here we are with the Thirty forth successive issue of our monthly ‘Missive’.
We trust you will enjoy reading this Missive, even while soaking in the contents. We would very much appreciate your feedback which consistently helps us in improving and upgrading the contents.
Thanks and regards,
Knowledge Management Team
Dear Patron
Here we are with the Thirty third successive issue of our monthly ‘Missive’.
We trust you will enjoy reading this Missive, even while soaking in the contents. We would very much appreciate your feedback which consistently helps us in improving and upgrading the contents.
Thanks and regards,
Knowledge Management Team
Dear Patron
Here we are with the Thirty second successive issue of our monthly ‘Missive’.
We trust you will enjoy reading this Missive, even while soaking in the contents. We would very much appreciate your feedback which consistently helps us in improving and upgrading the contents.
Thanks and regards,
Knowledge Management Team
Here we are with the Thirtieth successive issue of our monthly ‘Missive’.
We trust you will enjoy reading this Missive, even while soaking in the contents. We would very much appreciate your feedback which consistently helps us in improving and upgrading the contents.
Here we are with the Thirtieth successive issue of our monthly ‘Missive’.
We trust you will enjoy reading this Missive, even while soaking in thecontents. We would very much
appreciate your feedback which consistently helps us in improving and upgrading the contents.
Dear Patron
Here we are with the Twenty Sixth successive issue of our monthly ‘Missive’.
We trust you will enjoy reading this Missive, even while soaking in the contents. We would very much appreciate your feedback which consistently helps us in improving and upgrading the contents.
Thanks and regards,
Knowledge Management Team
S.P.Nagrath & Co.
Arm’s length price (“ALP”) is nothing but a benchmark or a standard price meant for comparison with price charged or paid by assessee in international transactions with its associated enterprises. Since this standard price constitutes basis for making addition in hands of assessee on account of its international transactions with associated enterprises, legislature, in order to iron out creases, inserted proviso to section 92C(2); role of this proviso is to make such standard price or ALP, flexible and not rigid. It has been provided that if price actually charged or paid by assessee falls within plus/minus 5% range of such ALP or standard price, then no addition should be made.
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, with pleasure we are presenting our annual India Budget publication. The publication summarizes the key changes announced by the Finance Minister in his speech.
Most direct tax proposals in the Finance Bill 2012 are proposed to be effective from the financial year commencing on 1 April 2012 unless specified otherwise and indirect tax proposals are effective immediately, unless specified otherwise
We hope you find it an interesting and informative read.
Team SPN
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Scope Of Macroeconomics introduction and basic theories
St ppt
1. Presentation on Service Tax Amendments
An introduction to changes made by Finance Act,2012-
Effective from 01st July, 2012
Compiled By:
Rahul Agarwal
S.P. NAGRATH & CO.
CHARTERED ACCOUNTANTS
A-380, Defence Colony
New Delhi-110024
India-+91(11) 49800000
www.spnagrath.com
2. Flow of Presentation
Service Tax
Key Features at a Glance
Negative List
Exemptions
Reverse charge mechanism
New abatement scheme
Amendments
(i) Procedural
(ii) Point of Taxation Rules
(iii) Cenvat Credit
(iv) Others
4. Key features at a Glance
Tax rate increased from 10% to 12%
Negative list (of 17 heads) based approach introduced, positive list based
approach discontinued
Huge list of services which have been exempted, vide Notification No.
12/2012-ST dated 17-03-2012.
Draft Place of Provision of Services Rules, 2012 proposed to enable the
negative list approach
Existing Export of Service Rules and Import Rules to be discontinued on
introduction of Place of Service Rules.
5. Key features at a Glance (Cont’d…)
New sections 65B, 66B, 66C, 66D, 66E and 66F introduced
Section Description
65B Definitions
66B New charging section
66C Place of Provision of Service
66D Negative list of services
66E Declared services
66F Principles of interpretation of bundled services
Above provisions will be applicable from 01.07.2012 vide Notification
No.19/2012-ST dated 05.06.2012.
6. Key features at a Glance (Cont’d…)
New charging section under ST provisions (Sec.66B)
Any activity carried out by a person for another for consideration, and includes a
declared service (Sec.65B)
Declared services being- (i) renting of Immovable property
(ii) Construction related services
(iii) Temporary transfer of IPRs
(iv) service portion in WC Service
(v) transfer by way of hire purchase, leasing
Bundled service means a bundle of provision of various services wherein an
element of provision of one service is combined with an element of provision of
any other service(s) (Sec.66F)
Services are naturally bundled in ordinary course of business or not.
7. Negative List
Negative list shall comprise of the following services
Government or local authorities except
Department of Posts
Services in relation to an aircraft or a vessel, inside or outside the
precincts of a port or an airport
Transport of goods or passengers
Support services to business entities
Reserve Bank of India
Foreign Diplomatic Missions located in India
Specified services relating to agriculture
Trading of goods
Process amounting to manufacture/ production
Space selling for advertisement (except radio or television)
Access to Road/ bridge for toll charges
Betting, gambling or lottery
8. Negative List (Cont’d…)
Entertainment/ amusement
Transmission or distribution of electricity by a utility
Education namely, pre-school, higher secondary, curriculum/
qualification recognized by law, approved vocational courses
Renting of residential dwelling
Interest/discount on deposits, loans or advances
Inter se-sales/ purchase of FOREX by Banks/ Authorized Dealers
Transportation of passengers by stage carriage, railway (not being 1st
class/AC,), metro, monorail, tram way, inland water ways, public
transport (not being for tourism), metered cabs, radio taxis and auto
rickshaws
Transportation of goods by road ( except by a GTA or courier), aircraft
or vessel from abroad to India, inland water base
Funeral, burial, crematorium or mortuary services including
transportation of the deceased
9. Exemptions
Retrospective exemptions granted
for repair of roads
to management, maintenance or repair services undertaken in relation to non
commercial Government buildings
for supply of taxable services by DTA units to authorized operations of SEZ
to services provided by Association of Dyeing units in relation to common
effluent treatment plants
Scheme for penalty waiver for renting of immovable property
Penalty would be waived for those tax payers who pay the service tax due on
the renting of immovable property service (as on 6th day of March, 2012) in
full along with interest within 6 months.
10. Exemptions (Cont’d…)
Some Proposed Exemptions of Services:
Given to UN and International Organisations
Healthcare services
Veterinary Clinics
Charitable services under Income tax
Renting for religion
Advocates to individuals
Technical testing for clinical research
Training / Coaching in arts, culture, sports
Specified services to educational institutes
Specified services of a recognised sports body
Sponsorship of tournaments
Construction for Government etc.,
11. New Reverse Charge mechanism
The new scheme is being introduced for three services. The services and portion
of tax payable are as follows:
Sl. Description of service Service Service
No. recipient provider
1. Hiring of a motor vehicle
designed to carry
passengers:
(b)with abatement 100% Nil
(c)without abatement 40% 60%
2. Supply of manpower for 75% 25%
any purpose
3. Works contract service 50% 50%
i.e. Now the recipient of above services is also required to get it self registered,
if recipient is a body corporate and provider is either an individual, firm or
LLP.
12. New abatement scheme
The increase in taxable portion of some services covered under abatement
scheme are accompanied with liberalisation in input tax credits admissibility
Sl. Description of service Existing New Cenvat credit admissibility
No. taxable taxable
portion portion
1. Convention Centre or 60% 70% All credits, except on inputs of
mandap with catering chapter 1to 22, now available
2. Pandal or Shamiana with 70% 70% Same above
catering
3. Coastal shipping 75% 50% No credit as at present
4. Accommodation in hotel etc. 50% 60% Credit on input services allowed
5. Railways:
Goods 30% 30% All credits will be allowed
Passengers New 30%
levy
13. Amendments- Procedural
Rule 4A of Service Tax Rule- Issuance of invoice
For all assessees
and 45 days for banks and other financial institutions
Self adjustment of service tax without any monetary limit and intimation to
department.
Normal limitation for issuing Show Cause Notice increased from 12 to 18 months.
Statement of tax due for subsequent period by referring to earlier Show Cause
Notice deemed to be proper Show Cause Notice.
Settlement of Service Tax disputes by Settlement Commission introduced
Revision Mechanism made applicable to Service Tax
Limitation period reduced from 90 to 60 days for filling appeals before
Commissioner Appeals
Offences can be compounded
14. Amendments- PoTR, 2011
Definition of continuous supply of service is being amended to capture the
subject in a more wholesome manner
Rule 7 of PoTR amended
Before amendment After amendment
Rule 7 states PoT for: Rule 7 states PoT for:
(ii)Export of Services (i) Services, where tax is
(iii)Specified Services by firms payable under reverse charge
(iv) Services, where tax is
payable under reverse charge
PoT on the basis of date of payment is also extended to individuals and firms
upto a turnover of Rs. 50 lakh.
In case of a new levy no tax if payment has been received and invoice issued
within a period of 14 days of the date of new levy
15. Amendments –Cenvat Credit
Simplified procedure for refund of unutilized credit relating to exports.
Cenvat Credit now allowed on specified categories of motor vehicles used for
all taxable services.
Cenvat Credit to insurance companies on insurance and service station service
for re-insurance/third party insurance of motor vehicles.
Cenvat Credit to be taken on delivery of the inputs/capital goods to the service
provider.
Cenvat Reversal for exempt services increased from 5% to 6%
Cenvat Credit of Service tax on services in respect of multi-unit assessee to be:
exclusively allocated to a unit which wholly uses such input service.
proportionately distributed to all the units on pro-rata basis based on their
respective turnovers in case such service is used by all the units.
16. Amendments- others
Special rates in Service Tax:
For life insurance under Rule 6(7A)(ii) of STR, 1994
Gross amount of premium New Rate Old Rate
charged
1st year 3% 1.5%
For money changing under Rule 6(7B) of STR, 1994
Gross Amount of New Rate Old Rate
Currency Exchanged
Upto Rs. 100,000 0.12% subject to 0.10% subject to
maximum of Rs. 30 minimum of Rs. 25
Amount Rs.120 and 0.06% Rs.100 and 0.05%
>100,000<1,000,000
>1,000,000 Rs.660 and 0.012% Rs.550 and 0.01%
maximum of subject to maximum
Rs.6,000 of Rs.5,000
17. Amendments- others (Cont’d…)
Works contract service , composition rate has been changed from 4% to 4.8%
Challan of payment of service tax to be a duty paying document for CENVAT
purposes where the service receiver pays the service tax on reverse charge basis.
Specific provision for Special Audit introduced as in Excise.
Amendment to Small scale exemption to provide that the first clearances upto
Rs.10 lakhs will be considered on the basis of invoices issued and not merely on
payments received.
Revision in period of filing of appeal:
Earlier Now
Commissioner (A) 3 month 2 month
Appellate Tribunal 3 month 3 month
Departmental 3 month 4 month
18. Amendments- others (Cont’d…)
Common Service Tax Return called EST (Excise and Service Tax)
(A) Quarterly (B) Monthly
(i) Individuals/Firms/LLP Other than covered in
(A)
(ii) Others whose tax liability < Rs. 25lakh (preceding yr.)
Common simplified registration for Central Excise and Service Tax
The above changes will come into force after inviting comments from
stakeholders.