Daily Archives: March 5, 2016

Service tax payment on quarterly basis by One Person Company and HUF

By | March 5, 2016

Finance Bill 2016 Service tax payment on quarterly basis and on receipt basis for One Person Company and Hindu Undivided Family (Applicable w.e.f. 01.04.2016) As per Rule 6(1) of Service Tax Rules, 1994, service tax is payable on monthly basis. However, as per proviso to said rule, where assessee is an individual, proprietary firms or… Read More »

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

By | March 5, 2016

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 Tour Operator’s Services

By | March 5, 2016

Finance Bill 2016 Abatement in case of Tour Operator’s Services (Applicable w.e.f. 01.04.2016): Earlier, the relevant provisions as applicable are summarized as under: Now, definition of “Package Tour” is being omitted. Now, there are two classifications only. Abatement of 70% can be availed in respect of all types of tour. However, in case of mere… Read More »

Abatement in case of Transport of Goods by Rail

By | March 5, 2016

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

By | March 5, 2016

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 »

Availing CENVAT by provider of exempted and non-exempted services

By | March 5, 2016

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 »

New Interest rates for delay in payment of service tax

By | March 5, 2016

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 »

Unified National Agriculture Market

By | March 5, 2016

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

By | March 5, 2016

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

By | March 5, 2016

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

By | March 5, 2016

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

By | March 5, 2016

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 »