Daily Archives: March 5, 2016

Service Tax on Services by Senior Advocate

Finance Bill 2016  Services by Senior Advocate Whether the senior Advocate is liable for payment of Service tax ? Services provided by  a senior advocate to an advocate or partnership firm of advocates providing legal service is taxable . Who Shall pay service tax whether the Senior Advocate or Recipient of Services ? In case of… Read More »

Abatement on Chit Fund Services

Finance Bill 2016 Abatement on Chit Fund Services (Applicable w.e.f. 01.04.2016) Abatement is being provided by a foreman of chit fund in relation to chit. Now, the said services shall be taxed after availing the abatement of 30% subject to condition of non-availment of CENVAT Credit in respect of inputs, capital goods and input goods.… Read More »

Abatement in case of Construction of complex, building, civil structure

Finance Bill 2016 Abatement in case of Construction of a complex, building, civil structure or a part thereof, intended for a sale to a buyer, wholly or partly except where entire consideration is received after issuance of completion certificate by the competent authority (Applicable w.e.f. 01.04.2016): The applicable abatement rate for this service is 70%.… Read More »

Abatement in case of Transport of Goods by Rail

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 »

Services provided by Government or Local Authority to business entity

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 »

Annual Return under Service Tax

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 »

Interest & Penalties under the Finance Act 1994

  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 »

Unified National Agriculture Market

Unified National Market for Agriculture Commodities The Government has approved a scheme for setting up of National Agriculture Market (NAM) through Agri-Tech Infrastructure Fund (ATIF) on 01.07.2015 with a budget of Rs.200 crore and to be implemented during 2015-16 to 2017-18. The scheme envisages implementation of the National Agriculture Market (NAM) by setting up of… Read More »

Sectorwise Beneficiaries of Railway Budget 2016-17

Sectorwise Beneficiaries of Railway Budget 2016-17 Sectorwise beneficiaries of the Railway Budget 2016-17 has been complied and given below: – Interest group/Subject Initiatives in Budget SAFETY 946 ROB/RUB sanctioned Launch Mission Zero accident Eliminate all unmanned BG crossings in next 3 years Equip the high density network (10,000Kms) with TCAS in next 3 years PROJECT/… Read More »

New categorisation of industries released by Environment Ministry

Environment Ministry releases new categorisation of industries ‘Re-Categorisation of Industries a landmark decision, new category of white industries will not require environmental clearance’: Javadekar The Government today released a new categorization of industries based on their pollution load.  Releasing the new categorization here today, Minister of State (Independent Charge) of Environment, Forest and Climate Change,… Read More »

12 Bills on the agenda of Govt for the next week

Heavy financial and legislative agenda for 3rd week of Budget session Aadhar Bill, Whistle Blower Protection Bill, Child Labour Bill and time permitting Real Estate Bill among 12 Bills proposed for next week Both the Houses debate contentious issue during the first two weeks; Lok Sabha passes one Bill and Rajya Sabha clears 3 Bills… Read More »

Punjab Joins “ UDAY ” Scheme

Punjab Joins “UDAY” Scheme; Would Derive an Overall Net Benefit of Rs.5475 Crore Through “UDAY” The Government of India, the State of Punjab and the Punjab State Power Corporation Limited (PSPCL) which takes care of the power distribution activity of Punjab signed Memorandum of Understanding (MOU) under the Scheme UDAY – “Ujwal DISCOM Assurance Yojana”… Read More »