E India CA

Professional Updates for Chartered Accountants

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No service tax on tubewell construction for government projects, says CBEC

Construction of tubewells for government projects is exempt from payment of service tax, the Central Board of Excise and Customs (CBEC) has said. The clarification comes after Rajasthan Chief Minister Vasundhara Raje had written to Finance Minister Arun Jaitley last month on the issue as many contractors who were working with the Pu...

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The Goods and Service Tax (GST) – Detailed Discussion with Examples

Introduction of Goods and Services Tax (GST) is one of the important perfection and the next logical step towards a widespread indirect tax reforms in India. GST shall also apply in Jammu & Kashmir (‘J&K’). Passage of 122nd Constitutional Amendment Bill by Parliament paves the way for GST. Need for Constitutional Am...

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Service tax returns filing date extended to April 29

  The Centre has extended the due date for filing of service tax returns to April 29 from April 25 specified earlier. This follows certain difficulties faced by taxpayers in accessing the Automation of Central Excise and Service Tax (ACES) application on April 25. Monday was the last day for filing service tax return for the peri...

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Arun Jaitley May Hike Service Tax Rate in Budget: Mihir Vora

Mihir Vora, director & chief investment officer with Max Life Insurance, expects the government to address the stress in the rural sector by increasing outlays for various development schemes. "The budget will be incremental with a focus on rural economy," he told NDTV Profit. The maximum signs of stress are in the rural sector...

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Budget 2016: Service tax on mutual fund distributors must be abolished

The year 2015-2016 has been a challenging time for mutual funds (MF) Industry. Regulatory changes have made it an operationally expensive business to operate. Let’s look at one of the major impacts that the mutual fund advisors faced - Service tax! Service tax under the reverse charge mechanism was introduced on the commissions ea...

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Indirect taxes: Expect further rise in service tax rate, pruning in list of excise exemptions

While speculations of 'will it' or 'won't it' continue to surround GST's implementation in April 2016, we reckon the Finance Minister will introduce some changes that will play a catalyst role to GST's introduction at a later date. For instance, it is expected that the government may further raise the rate of service tax to bring it...

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Rebate/refund of SB Cess on exports & services used in SEZ; Cenvat credit cannot be used for SB Cess & others

The Central Government (“CG”) has issued various Notifications under the Service tax and the Central Excise for extending the benefit of refund/rebate to the Swachh Bharat Cess (“SB Cess”) component and the input services used beyond factory for export. Further, the Cenvat Credit Rules, 2004 (“the Credit Rules”) has bee...

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Budget 2016: Major relief in service tax likely for small business

The government is likely to raise the service tax exemption threshold for small businesses sharply besides introducing a simple turnover-based regime for those just above the limit for goods. The moves will mark a significant advance in ease of doing business and pave the way for the goods and services tax (GST), one of the most cru...