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: form 3cd :: cpt :: VAT RATES :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: TDS :: due date for vat payment
 
 
Service Tax »
 GST Return Filing: How to handle discounts and additional cost
 GST base looks set to be at least 25% wider than earlier tax regime
 Businesses struggle with multiple tax rates, returns
 Common use items exempt from e-way bill provision under GST
 Goods And Services Tax Sends Taxes Racing
 How GST lesson can unleash untapped potential of education sector in India
 Services sector PMI falls most in 4 years on GST
 Missing column in GSTR 3B form leaves input claims a shaky edifice
  Communication to the Central Excise/Service Tax Taxpayers on migration to GST
 GST not easy to implement but tax base expansion will benefit all
 Goods and Services Tax was not an easy reform to implement

Firms approaching arbitration tribunals to pay service tax: CBEC
May, 23rd 2016

Firms with a turnover of over ?10 lakh who go in for arbitration proceedings will be liable to pay service tax at the rate of 14 per cent.

“The services provided or agreed to be provided by an arbitral tribunal to a business entity (turnover exceeding ?10 lakh)… is taxable under reverse charge mechanism and recipient of service is liable to discharge service tax liability,” said the Central Board of Excise and Customs in a new clarification after doubts arose over who would pay the service tax.

As part of efforts to broaden the tax base, Finance Minister Arun Jaitley had in the Union Budget 2016-17 included the services provided by “a senior advocate to an advocate or partnership firm of advocates providing legal service” and “a person represented on an arbitral tribunal to an arbitral tribunal” within the ambit of service tax. These are now taxed at 14 per cent from April 1, 2016.

However, with firms paying hefty fees to arbitrators and tribunals, the question of who would pay the service tax arose.

The CBEC noted that the concept of “forward charge mechanism” or payment of the tax by the service provider does not apply in this case and is not the correct interpretation of law.

“Services are provided or agreed to be provided by the panel of arbitrators, as comprising the several natural persons on the said panel, to the business entity or to the arbitration institution approached by the business entity for purposes of arbitration,” it said.

The CBEC, however, said that the services provided by an arbitral tribunal to any person other than a business entity and a business entity with a turnover up to ?10 lakh in the preceding financial year are exempt from service tax.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
System Testing Solution Manual Software Testing Solutions Automation Software Testing Solutions System Workflow Testing System Manual Testing

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