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| News Alerts |
| ‘Works Contract’ taxable pre-2007: CESTAT 5 Member Bench |
| One of the most important judgments on ‘works contract’ taxability pre-2007 has been pronounced by a 5 Member Larger Bench of Delhi CESTAT on March 19, 2015. We bring you the key takeaways from the LB ruling. |
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| Author : BSA Taxation Team |
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| Date : March 24, 2015 |
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| Union Budget 2015-16 : Indirect Tax Highlights |
Change in Service Tax rate- Service Tax rate increased from 12.36% (including education cess and secondary and higher education cess) to 14% (with effect from a date to be notified after the enactment of the Finance Bill, 2015) . Till the time the revised rate come into force, the levy of ‘Education Cess’ & ‘Secondary & Higher Education Cess’ shall continue. Imposition of Swachh Bharat Cess Imposes Swachh Bharat Cess on all or any of the taxable services @ 2% w.e.f. from a date to be notified by the Central Govt. in this regard. It will not have any immediate effect.
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| Author : BSA Taxation Team |
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| Date : February 28, 2015 |
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| Amendment in SEZ Rules |
Recently,
Commerce Ministry, vide. Notification dated January 2, 2015, has notified
Special Economic Zones (Amendment) Rules, 2014. The amendment has allowed
bifurcation of SEZ non-processing area into 2 parts – (1) where social /
commercial infrastructure and other facilities are permitted to be used by both
SEZ and DTA entities; and (2) where social / commercial infrastructure and
other facilities are permitted to be used only by SEZ entities. |
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| Author : BSA Taxation Team |
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| Date : January 14, 2015 |
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| Salient Features of GST Constitutional Amendment Bill |
On December 17, 2014,
Union Cabinet approved the introduction of GST Constitutional Amendment Bill.
In pursuance of this, Finance Minister Arun Jaitely introduced the Bill in Lok
Sabha on December 19, 2014. |
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| Author : BSA Taxation Team |
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| Date : December 22, 2014 |
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| CBEC Clarification on mandatory ‘pre-deposit’ provisions |
Ministry
of Finance (FinMin) vide. Circular 984/08/2014-CX dated September 16, 2014 has
clarified on mandatory ‘pre-deposit’ provisions as enacted under Finance Act
(No. 2), 2014. Detailed clarification has been issued by Department on issues
like quantum of deposit, adjustment of amount paid during investigation and
recovery proceedings. It also covers procedural aspects relating to the manner
of making pre-deposits and claiming of refund. |
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| Author : BSA Taxation Team |
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| Date : September 19, 2014 |
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