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Amendments in Cenvat Credit Rules by CBEC Notifications in 2015
1. Notification 6/2015-CE(NT) dated 1.3.2015 (4) (1) a) The Cenvat Credit in respect of inputs may also taken on receipt of the inputs in the premises of the job worker, where in case of goods are sen...
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Service Tax Rates applicable from 01/06/2015
Normal Service tax rate with effect from 1st June 2015 is 14%. However applicable rate is different for many services which may be subject to fulfillment of some conditions. This is mainly due to mate...
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Clarification on rate of service tax on restaurant service
Circular No. 184/3/2015-ST Dated the 3rd June, 2015 F. No. 334 / 5 /2015-TRU (Pt.) Government of India Ministry of Finance Department of Revenue (Tax Research Unit) *** Dated the 3rd June, 2015. Subje...
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ASSOCHAM - Service Tax Penalty norms encouraging voluntary compliance
Service Tax contributes Rs.1.68 lakh crores to Indirect tax in 2014-15: Commissioner, Service Tax Wednesday, June 03, 2015 Out of total indirect tax collection of Rs. 5.46 lakh crores, nearly Rs.1.68...
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Chart Showing Effective Service Tax Rates applicable from 01/06/2015
Normal Service tax rate with effect from 1st June 2015 is 14%. However applicable rate is different for many services which may be subject to fulfillment of some conditions. This is mainly due to mate...
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Deferred Tax-Accounting Standard-22-Accounting for Taxes on Income
1. Introduction: Matching concept is a very significant concept of accounting. According to this concept income and expense must be recognised in the period to which they relate. In India, Profit & Lo...
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Newly taxable services from June 1, 2015
The Ministry of Finance, Department of Revenue vide Notification No. 14/2015-ST dated May 19, 2015 has notified that the following changes in relation to the Negative List of services contained under...
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Ready Reckoner of Service tax rate increase from 12.36% to 14%
Service tax rate increase from 12.36% to 14% (Subsuming EC and SHEC) effective from 01.06.2015 After the Hon’ble President has given assent to the Finance Bill, 2015 on May 14, 2015, the Ministry of F...
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14% Service Tax rates from 01st June 2015 & Changes in Cess
14% Service Tax from 01.06.2015- Section 66B of the Finance Act, 1994, prescribes the service tax rate. It has been amended by Section 108 of the Finance Act, 2015. The rate of Service Tax is being in...
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Service Tax on services provided by Government or local authority to a business entity not notified
Yesterday CBEC has issued Notification no, 13/2015-ST, 14/2015-ST, 15/2015-ST, 16/2015-ST and 17/2015-ST which enables various proposals of Finance Act,2015 which has received the assent of President...
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Service Tax & CENVAT Changes w.e.f. 1st June’15
Post enactment of Finance Act’15, trade was waiting for the Finance Ministry to notify the date for enhancement of service tax. Finally, the same has been notified as 1st June’15. Following is the gis...
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Revised rates of compounded levy of service tax effective from 1.6.2015
GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION No 15/2015-ST, Dated: May 19, 2015 G.S.R. (E). – In exercise of the powers conferred by sub-section (1) read with sub-secti...
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Service Tax Notification prescribing changes in service tax rates wef 01.06.2015
GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION No 14/2015-ST, Dated: May 19, 2015 G.S.R. (E). – In exercise of the powers conferred by clauses (a), (c) and (f) of section...
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Service Tax- Removal of definition related to Chits
GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION No 13/2015-ST, Dated: May 19, 2015 G.S.R. (E). – In exercise of the powers conferred by sub-section (1) of section 93 of th...
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Service Tax Commissioner arrested in alleged bribery case
CBI ARRESTS A COMMISSIONER OF SERVICE TAX AND THREE OTHERS IN AN ALLEGED BRIBERY CASE The Central Bureau of Investigation has arrested a Commissioner of Service Tax (an officer of 1990 Batch in Custom...
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Overview of Changes Applicable With Enactment of Finance Bill 2015
FINANCE BILL 2015 RECEIVED PRESIDENT ASSENT Finance Bill, 2015 has got President Assent on 14th May, 2015 and has become Finance Act, 2015. As you know, Finance Bill 2015 has proposed lot of changes i...
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Service tax changes yet to be notified
The Hon’ble President has given assent to the Finance Bill, 2015 on Thursday, May 14, 2015. Accordingly, the Finance Bill, 2015 now becomes Finance Act (No. 20), 2015. We are summarizing hereunder the...
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Finance Bill 2015 got President’s assent : Service Tax Changes applicable from 14th May, 2015
The Finance Bill 2015 presented by the Hon’ble Finance Minister in the Lok Sabha on 28th February, 2015 had proposed for various amendments in the provisions dealing with Service Tax under Finance Act...
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Enactment of Finance Bill, 2015 and Service Tax Amendments
The Finance Bill, 2015 has been enacted as Finance Act, 2015 (Act No. 20 of 2015) on 14th May, 2015 after the assent of President of India. The provisions of Finance Act, 2015 shall therefore, become...
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Service Tax Amendments applicable w.e.f 14.05.2015
On 14-05-2015, Finance Bill 2015 has become Finance Act 2015 as it received assent from the president. Let us analyse certain provisions which become applicable on enactment of the Finance Bill 2015 S...