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: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: list of goods taxed at 4% :: due date for vat payment :: VAT RATES :: cpt :: TDS :: Central Excise rule to resale the machines to a new company :: VAT Audit :: ACCOUNTING STANDARDS
 
 
« Service Tax »
 Rules not ready, key e-way bill for GST may be delayed, says top official
 How Goods and Service tax will benefit the nation
 GST implementation may increase expense ratio of fund houses
 GST structure: an unfortunate compromise
 Extension Of Provisional Attachment Under Service Tax Provisins
 How favourable will GST be for Karnataka?
 GST rate impact: Here’s how the new tax can carry a greater punch
 E-way Bill - movement of goods under GST
 How the GST rates will affect your money
 GST: The coming disruption in the wholesale trade
  Ways In Which GST Will Impact The Average Indian’s Wallet

Tax base broaden by extending the levy of service tax to all forms of advertising except print media. - Dated 25-8-2014 - Service Tax
September, 04th 2014

The Finance (No. 2) Bill, 2014 received the assent of the President of India on 6th August, 2014 and has been enacted as the Finance (No.2) Act, 2014 [Act No.25 of 2014] [hereinafter referred to as the said Act].

1.2 In view of the enactment, clauses (D) to (L) of section 114 of the said Act have already come into force. In respect of clauses (A) to (C), the appointed date will be 1st October, 2014 [Notification No. 18/2014-ST].

1.3 Broadening of the tax base by extension of service tax levy to all forms of advertising except print media [as defined in section 65B (39a) of the Finance Act, 1994] and on services provided by radio-taxis, wall come into effect on 1st October, 2014. In respect of services provided by radio-taxis, taxable portion will be 40% of the amount charged in terms of entry 9A in Notification 26/2012-ST as amended. Therefore, on the services provided by radio taxis, service tax payable will be 4.944% of the amount charged.

1.4 The appointed date in respect of clause (C) of section 114 of the said Act will be 1st October, 2014. Drawing power from the amended Explanation inserted in section 67A of theFinance Act, 1994, Rule 11 is proposed to be inserted in the Service Tax Rules, 1994

[Notification 19/2014-ST] with effect from 1st October, 2014, from when the exchange rate for calculation of value of services sought to be imported into the taxable territory will be based on generally accepted accounting principles.

1.5 Now, vide amended section 94 of the Finance Act, 1994, rule making powers have been specified—

(i)    to impose upon persons liable to pay service tax, inter alia, the duty of furnishing information, keeping records and making returns and the manner in which they shall be verified;

(ii)   for withdrawal of facilities or imposition of restrictions (including restrictions on utilization of CENVAT credit) on service providers or exporters, to check evasion of duty or misuse of CENVAT credit; and

(iii)  to issue instructions in supplemental or incidental matters.

Regarding (ii) above, Notification No.25/2014-CE(NT) is being issued with immediate effect. Inrule 12AAA of Cenvat Credit Rules, 2004, the expression 'provider of taxable service' has been inserted vide the said Notification.

Regarding (iii) above, Notification No.19/2014-ST is being issued, to insert rule 12 which gives powers to issue supplementary instructions, in the Service Tax Rules, with effect from 1st October, 2014.

1.6 Explanations in respect of changes discussed above are not exhaustive and the text of the relevant statutory provisions and the wordings of the notifications should be read carefully to implement the law. I would like to express my thanks to officers in field formations who have shared their ideas and views with TRU.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Company Search Engine Optimization Company US SEO Local SEO Company Website SEO Company Alabama SEO Company Alaska SEO Company Arizona SEO Company Arkansas SEO Company California SEO Company Colorado SEO Company Connecticut SEO Company Delawa

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