Finance Bill 2016 Abatement in case of Goods Transport Agency Services (Applicable w.e.f. 01.04.2016): Abatement rate for transportation of “Used household goods” is being reduced from 70% to 60%. The applicable abatement rate for transportation of goods by road services is as under:
Amended provisions as per the Finance Bill, 2016 in respect of Services provided by Government or Local Authority to a business entity (Applicable w.e.f. 01.04.2016) Prior to 01.04.2016, in addition to services specified under subclauses (i), (ii) & (iii) of section 65D(a) of Finance Act, 1994, services covered by the definition of ‘Support Services’ (as… Read More »
Amended provisions as per the Finance Bill, 2016 in respect of availing CENVAT Credit for provider of exempted as well as non-exempted services Changes in the scheme of availing CENVAT Credit for provider of exempted as well as non-exempted services (Applicable w. e. f. 01.04.2016): Rule 6 of the CENVAT Credit Rule, 2004 provides the detailed… Read More »
Amended provisions as per the Finance Bill, 2016 in respect of interest rates for delay in payment of service tax New interest rates for delay in payment of service tax (Applicable after enactment of the Finance Bill, 2016): Presently, slab rates of interest (i.e. 18% for upto 6 months, 24% for the period from 6 months… Read More »
Amended provisions as per the Finance Bill, 2016 in respect of Annual Return under Service Tax (Applicable w. e. f. 01.04.2016) Rule 7, 7B and 7C of Service Tax Rules 1994 are being amended to provide for filing of annual return by assessee. The important points are as under: (i) This return shall be in addition… Read More »
Amended provisions as per the Finance Bill, 2016 in respect of “Interest and Penalties” are as under: Amendment under Section 73 of the Finance Act, 1994 Section 73 of the Finance Act, 1994 deals with recovery of Service tax not levied or paid or short levied or short paid or erroneously refunded. This section… Read More »
NOTICE INVITING COMMENTS ON THE DRAFT RULES W.R.T. REVIVAL AND REHABILITATION OF SICK COMPANIES RELATED PROVISIONS UNDER THE COMPANIES ACT, 2013
Finance Minister Shri Arun Jaitley’s Speech on Union Budget 2016 -17
Interesting facts of Budget
Source Reserve Bank of India In terms of GoI notification F.No.4(19)-W&M/2014 and RBI circular IDMD.CDD.No. 2020/14.04.050/2015-16 dated March 4, 2016, the third tranche of the Sovereign Gold Bond will be open for subscription from March 8 to 14, 2016. The issue price of the Sovereign Gold Bond for the third tranche has been fixed at… Read More »