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 »