Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT Audit :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: list of goods taxed at 4% :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: Central Excise rule to resale the machines to a new company :: form 3cd :: cpt :: ACCOUNTING STANDARD :: due date for vat payment
 
 
« Service Tax »
 Cabinet clears 4 Bills, GST likely to roll out by July 1
 GST may also impact income tax collections: Experts
 Companies, consultants grope in the dark to meet GST deadline
 Cabinet approves GST, e-commerce cos to pay up to 1% tax
 Cabinet approves supporting GST legislations ahead of 1 July roll-out
 GST: Centralized assessment for service-oriented industries likely
 Tax department to calculate GST’s impact on inflation
 Entrepreneurs are all set to give a red carpet welcome to GST
 GST success depends on preparedness of businesses
 GST few steps away from becoming reality, but what’s in it for Dalal Street?
 Input tax credit - Matching / Mismatching Concept in Present Tax Laws vis-à-vis GST Laws

Property rented to industrial units outside SEZ not exempt from service tax
August, 21st 2012

We have let out one of our industrial properties on rent to a unit registered under the Software Technology Park (STP) scheme. The tenant claims that they are exempt from paying service tax, as they are working in a customs bonded premises. Is it so? If yes, what documents should we obtain from them in order to satisfy our tax authorities?
There is no exemption from service tax on renting of immovable property to any industrial unit located outside Special Economic Zone (SEZ), whether the unit is under STP or otherwise and whether in a customs bonded premises or otherwise. However, exemption on property tax component can be claimed as per notification no. 29/2012-ST dated June 20, 2012. For units located in a SEZ, the exemption is available under notification no. 40/2012-ST dated June 20, 2012.

On food catering services, what is the service tax and VAT to be paid?
The service tax rate is 12 per cent. You also have to pay 0.36 per cent towards cesses. As per Rule 2C of the Service Tax (Determination of Value) Rules, 2006, the value of service portion in an activity wherein goods, being food or any other article of human consumption, or any drink (whether or not intoxicating), is supplied in any manner as a part of the activity, at a restaurant is 40 per cent of the total amount charged and as a part of such outdoor catering is 60 per cent of the total amount charged. Please do refer to that Rule for explanation of total amount. The VAT rate defers from state to state. In most states, there is no abatement.

My son wants send a gift to me from abroad. Will I have to pay customs duty on it?
As per notification no. 171/93-Cus dated 16.9.1993, you need not pay any duty on bona fide gifts that are not prohibited for import if you import by post, courier or air for personal use and the value does not exceed Rs 10,000. For determining the value limit, the postal charges or air-freight need not be taken into account.

Has the CBEC issued any instructions for certification of invoices for goods supplied to EOU on duty payment? We want to claim deemed export benefits.
You may refer to CBEC Circular no. 10/2009-Cus dated 25.02.2009.

Can we send export documents directly to our customer instead of routing them through a bank?
If you are a status holder (e.g., export house), you can send but you must submit the GR/SDF form to the bank. If you are not a status holder, your bank can regularise the cases where you send the documents up to a value of $1 million to the consignee or his agent in the country of final destination of goods provided you realise full export proceeds and the bank is satisfied that the transaction is genuine. For this facility, you must be a customer of the bank for at least six months and your account must be fully compliant with RBI guidelines.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Vision

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