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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. 

Author : BSA Taxation Team
Date : February 28, 2015
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.

Author : BSA Taxation Team
Date : January 14, 2015
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.

Author : BSA Taxation Team
Date : December 22, 2014
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.

Author : BSA Taxation Team
Date : September 19, 2014
Union Budget 2014-15 : Indirect Tax Highlights

Service tax exemption – i) to Life micro-insurance schemes for the poor for sum not exceeding Rs 50, 000; ii) transport of organic manure by vessel, rail or road (by GTA); iii) on Loading / unloading / packing / storage / warehousing / transport (GTA) of cotton (ginned or baled); iv) to services provided by common bio-medical waste treatment facility operators to clinical establishments; v) on specialized financial services received by RBI from global financial institutions in course of management of foreign exchange reserves; vi) on services provided by Indian tour operators to foreign tourists in relation to a tour wholly conducted outside India; and vii) on services provided by Employees’ State Insurance Corporation (ESIC) fort the period prior to July 1, 2012. 

Author : BSA Taxation Team
Date : July 10, 2014
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