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Indirect Tax News Update - Volume III Issue VI, June 2016
Recently, the Central Govt. notified that the services by way of renting immovable property, transport of goods & passengers, services in relation to aircraft / vessel and speed post, life insurance and agency services as specified u/s 66D(a)(i), (ii) & (iii) respectively by Govt. / local authority to a business entity with turnover upto Rs 10 lakhs in preceding financial year liable to service tax. The Finance Ministry has inserted Explanation to Entry 48 of Notification No. 25/2012-ST.
Author : BSA Taxation Team
Date : June 1, 2016
 
 
Indirect Tax News Update - Volume III Issue V, May 2016
Recently, the Central Govt. notified the Point of Taxation (Second Amendment) Rules, 2016, thereby prescribing point of taxation in case of change in liability to pay service tax under reverse charge. The Govt. inserted second proviso in Rule 7 to provide that where there is change in liability or extent of liability of a service recipient notified u/s 68(2), in case service has been provided and invoice issued before date of such change, but payment has not been made, point of taxation shall be date of ‘issuance
of invoice’.
Author : BSA Taxation Team
Date : May 3, 2016
 
 
Indirect Tax News Update - Volume III Issue IV, April 2016
Central Govt., vide Notification No. 21/2016-ST dated March 30, 2016 has notified Point of Taxation (Second Amendment) Rules, 2016, thereby prescribing point of taxation in case of change in liability to pay service tax under reverse charge. Vide the Notification, the second proviso has been inserted in Rule 7 in order to provide that where there is change in liability or extent of liability of a service recipient notified u/s 68(2), in case service has been provided and invoice issued before date of such change, but payment has not been made, point of taxation shall be date of ‘issuance of invoice.’

Author : BSA Taxation Team
Date : April 4, 2016
 
 
Indirect Tax News Update - Volume III Issue III, March 2016
Central Govt. notifies Service Tax and Central Excise (Furnishing of Annual Information Return) Rules, 2016 w.e.f. April 1, 2016 vide Notification No. 04/2016-ST dated February 15, 2016.  The same now requires annual submission of information re-turn u/s 15A(1) of Central Excise Act by RBI Officer i.r.o. foreign remittances for receipt of services declared recorded on or after 1st day of April, 2015 in Form AIRF.
Author : BSA Taxation Team
Date : March 5, 2016
 
 
Indirect Tax News Update - Volume III Issue II, February 2016
CBEC through Directorate General of Audit has released new Integrated Central Excise and Service Tax Audit Manual (CESTAM 2015), replacing the existing Central Excise & Service Tax Audit Manuals. The Manual, inter alia provides for coordinated and integrated audit covering two or more duties / taxes for assessee / taxpayer having common PAN instead of individual audit for each tax separately. 
Author : BSA Taxation Team
Date : February 2, 2016
 
 
 
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