Indirect Tax News & Updates  
  Linkedin Email  
 
Publications
GST Bulletin
Indirect Tax Newsletters
Articles
News Alerts
Join Our Mailing List
Indirect Tax Newsletters
Indirect Tax News Update - Volume I Issue IV, October 2014

Ministry of Finance vide. Circular No. 179/5/2014-ST dated September 24, 2014 has clarified on service tax levy on Joint Venture (“JV”) transactions and cash calls. CBEC has clarified that services provided by members of JV to JV and vice-versa and inter se between members of JV taxable under negative list regime, since it is an un-incorporated association or body of persons and member treated as distinct persons.

Author : BSA Taxation Team
Date : October 1, 2014
 
 
Indirect Tax News Update - Volume I Issue III, September 2014

Ministry of Finance vide. Notification No. 19/2014-ST dated August 25, 2014 has notified Service Tax (Second Amendment Rules) which will come into effect from October 1, 2014. Finance Ministry has inserted 2 Rules i.e. Rule 11 and Rule 12 to Service Tax Rules, 1994. Rule 11 prescribes that exchange rate for 'taxable service' value determination to be governed by ' generally accepted accounting principles', on the date when point of taxation arises as per Point of Taxation Rules, 2011. Further, Rule 12 authorizes CBEC / Chief Commissioners of Central Excise to issue instructions for any incidental / supplemental matters for implementation of Finance Act .

Author : BSA Taxation Team
Date : September 1, 2014
 
 
Indirect Tax News Update - Volume I Issue II, August 2014

CBEC vide. Circular No. 178/4/2014-ST dated July 11, 2014 has issued clarification on input service credit distribution manner prescribed under Rule 7(d) of CENVAT Credit Rules, 2004. Doubts were raised w.r.t. the meaning of the expression ‘such units’ in Rule 7(d). Trade interpreted that due to the use of the term ‘such unit’, the distribution of the credit would be re-stricted to only those units where the services are used and the credit available for distribution would get re-duced by the proportion of the turnover of those units where the services are not used.

Author : BSA Taxation Team
Date : August 1, 2014
 
 
Indirect Tax News Update - Volume I Issue I, July 2014

In the case of HCL Infosystems vs CC&CE, Noida, Delhi CESTAT held that Trading activity is neither ‘service’ nor ‘exempted service’ for the period prior to April 2011. CESTAT stated that explanation added to Rule 2 of CENVAT Credit Rules (CCR), 2004 vide. Notification No. 3/2011-CE clarified that exempt-ed services include trading.

Author : BSA Taxation Team
Date : July 1, 2014
 
 
 
First   <<  4 5 6 7  >> Last
Website Designing By : Sriram Soft Solutions Pvt. Ltd.