Blogs

Understanding of “Economic / Business  Activity”  and “Consideration” in Service Tax  

The provision for Service Tax levy - Section 66B specifies that the value of services provided or agreed to be provided in taxable territory for consideration would be liable. The definition of “service” states that any activity for a consideration from one person to another…  

The Negative List based taxation from 1.7.12 has substantially expanded the coverage under service...

Understanding of “Economic / Business  Activity”  and “Consideration” in Service Tax  

The provision for Service Tax levy - Section 66B specifies that the value of services provided or agreed to be provided in taxable territory for consideration would be liable. The definition of “service” states that any activity for a consideration from one person to another…  

The Negative List based taxation from 1.7.12 has substantially expanded the coverage under service...

Concept of audit    

‘Departmental audit’ – These two words create lot of panic in the minds of assessee. The assessee should note that there would be no need to panic when the legal compliances have been taken care properly. If the assessee is well aware of provisions of the law along with good internal control systems in place, he can face the audit with lot of confidence. He should also be aware of areas which would be covered by the department in the audit. The...

The K-VAT Act 2003 [ Implemented in 2005- 2007] brought about a welcome change to avoid the cascading effect of multipoint levy and made the taxes borne at each stage reasonable, bearable and less. However as a normal dealer [other than a manufacturer]  be adding value to the extent of 10-20 percent , the ITC could be 5 times the tax paid, therefore amount  be substantially more.  

For readers from other States this article may only be indicative and the provisions may vary and...