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Indirect Tax News Update - Volume III Issue I, January 2016
CBEC Committee headed by Chief Economic Advisor Dr. Arvind Subramaniam submitted its Report on possible GST rates to Finance Minister. The report, titled ‘Report on the Revenue Neutral Rate and Structure of Rates for the Goods and Services Tax (GST)’ recommends conditional rate structures that depend on policy choices made on exemptions and taxation of certain commodities such as precious metals, and accordingly suggests Revenue Neutral Rate (RNR) in the range of 15% to 15.5% (Centre & States combined), Standard Rate between 17% to 18% for taxing maximum possible tax base & lower rate of around 12%.
Author : BSA Taxation Team
Date : January 4, 2016
Indirect Tax News Update - Volume II Issue XII, December 2015
CBEC has introduced complementary scheme to fast track sanction of accumulated CENVAT Credit refund to service exporters under Rule 5 of CENVAT Credit Rules. The scheme is applicable to refund claims filed on or before March 31, 2015 but pending disposal till date (i.e. either sanction or denial, either in whole or in part, by an adjudication order); However, refunds which have been finalised earlier by issuance of adjudication order but have been remanded back to original sanctioning authority will not be covered by said scheme.
Author : BSA Taxation Team
Date : December 7, 2015
Indirect Tax News Update - Volume II Issue XI, November 2015
CBEC issues detailed clarification on levy of service tax on various services provided by Goods Transport Agency (GTA) in course of transportation of goods by road. Further, GTA service being composite in nature that may include various ancillary services such loading / unloading, packing / unpacking, transhipment & temporary storage, CBEC states that same cannot be broken into its components and considered as constituting separate services.
Author : BSA Taxation Team
Date : November 2, 2015
Indirect Tax News Update - Volume II Issue X, October 2015
In a recent judgment, Tower Vision India Pvt. Ltd. & Bharti Infratel Ltd. vs. CST, Delhi, the President has referred the issue pertaining to admissibility of CENVAT credit on telecom towers to 3 Member Larger Bench, in lieu of reference to Third Member. The President has called for tagging of present appeals with that of Idea Mobile, states that assessees as interveners would not be able argue matter on facts. 
Author : BSA Taxation Team
Date : October 1, 2015
Indirect Tax News Update - Volume II Issue IX, September 2015
Finance CBEC has issued a clarification w.r.t. modus operandi of amended Sec 73, 76 & 78 of Finance Act as also Sec 11AC of Central Excise Act, in case of detections made during audit, investigation or scrutiny. It has been stated that in case involving extended period of limitation, where an assessee pays service tax / excise duty, interest and 15% penalty, a written show cause notice (SCN) may be waived at assessee’s request.
Author : BSA Taxation Team
Date : September 2, 2015
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