Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: VAT RATES :: TDS :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: articles on VAT and GST in India :: due date for vat payment :: form 3cd :: VAT Audit :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
Service Tax »
  Changes In Central Goods And Services Tax Rules, 2017
 GST return filing to be a breeze for small businesses
 Changes In Central Goods And Services Tax Rules, 2017
 Simple tax made complex
 Govt may review monthly GST return filing process
 Central Goods and Services Tax (Eleventh Amendment) Rules, 2017
 Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017
 Composition Scheme - the Central Goods and Services Tax (Removal of Difficulties) Order, 2017
 Govt asks taxpayers to file GST return for July by Tuesday
 FAQ On Government Services Under GST
 Income Tax Appellate Tribunal, Visakhapatnam Bench List Of Division Bench Cases Posted Before During The Period From 03rd Octombar To 13th October , 2017.

Seize opportunity in service tax compliance scheme
March, 04th 2013

Voluntary compliance encouragement scheme as offered by the Union Budget presents ‘an opportunity to be seized.’

This is despite the possibility of an honest taxpayer who paid tax on time and now treated at par with a defaulter, challenging it.

The scheme grants service tax defaulters an option to clear dues relating to past five years, said Sherry Samuel Oommen, senior adviser, GyanMagnus Associates.

There is also waiver of interest and penalty with the option of making the payment in instalments but subject to conditions.

These are: the assessee has to file a declaration stating his tax dues under service tax on or before December 31, 2013.

Service tax dues should pertain to the period from October 1, 2007, to December 31, 2012, Oommen told Business Line.

As on March 1, 2013, no investigation, inquiry or audit should be pending against the assessee.

The assessee should pay at least 50 per cent of the tax dues declared by him on or before December 31, 2013.

The balance can be paid on or before June 30, 2014, without any interest or penalty.

If the assessee extends pay-up till December 31, 2014, no penalty will apply but interest calculated from July 1, 2014, will.

On complying with the above provisions the assessee will get immunity from payment of interest, penalty or other proceedings.

‘COOL’ SHOCK

Proceedings, if any, must be initiated within one year from the date of declaration failing which the department forfeits the option.

Another major change is the extension of service tax to all restaurants having air-conditioning facility, Oommen pointed out.

Earlier only restaurants having both air conditioning facility and license to serve liquor were taxable.

This proposal has far reaching implications and is not a welcome move during a time when inflation is on the higher side.

This will make food served in air-conditioned restaurants, coffee shops and other food joints costlier by approximately five per cent.

In 2012, blanket exemption was provided with respect to licensing of copyright relating to cinematograph films.

This time round, the blanket exemption has been taken away, Oommen said.

Exemption is now limited to licensing of cinematograph films for exhibition in a cinema hall or cinema theatre.

So, licensing of cinematograph films for all other purposes including broadcasting would be subject to service tax.

The intention here is to pass on the credit to the broadcasters, Oommen said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions