Finance Bill 2016 Abatement in case of Transport of Goods by Rail (Applicable w.e.f. 01.04.2016) Prior to 01.04.2016, Notification No. 26/2012-Service Tax dated 20.06.2012 provides abatement of 70% on transportation of goods by rail services with the condition that no CENVAT Credit should be availed in respect of input, input services and capital goods. However,… Read More »
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 »
Amendment in Service Tax Amendments effective from 01.03.2016 Exemption withdrawn Exemption with respect to construction, erection, commissioning or installation of original works pertaining to monorail or metro in respect of contracts entered into on/after 01.03.2016, has been withdrawn. New Exemptions Following services have been exempted: Services by way of construction, erection, commissioning, etc. in respect… Read More »
KRISHI KALYAN CESS What is the Chapter for KRISHI KALYAN CESS under Finance Bill 2016 ? KRISHI KALYAN CESS is levied as per CHAPTER VI of Finance Bill 2016 What is the date of applicability of KRISHI KALYAN CESS ? It shall come into force on the 1st day of June, 2016. What is the rate of KRISHI KALYAN… Read More »
Annual Return of Service Tax In which Rules amendments are made for filing Annual Return of Service Tax ? As per the Service Tax (Amendment) Rules, 2016. What is the Date of applicability of Rules for filing Annual Return of Service Tax ? These rules shall come into force on the 1st day of April, 2016. What… Read More »