Common Errors - Cenvat Credit - Part 1

  • Category: Erstwhile Indirect Tax Laws
  • Date: 03-05-2016
  • Writer: CA Venkatanarayana G M

Indirect Tax Latest Judicial Precedents May 2016

  • Category: Erstwhile Indirect Tax Laws
  • Date: 01-05-2016
  • Writer: CA Ashish Chaudhary
  1. Service provider can opt to pay service tax on works contract on gross amount and take credit on input/input service (CST.,Vapivs S.V. Jiwani 2016(42) S.T.R. 209 (Bom.)
    • Background: Assessee engaged in rendering works contract service, paid service tax on gross amount without availing the option provided under Rule 2A of ST (Determination of Value) Rules, 2006 and taken credit on input/input service. Department alleged that tax needs to be paid under Rule 2A and assessee not...
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Time Limits for Filing Refund Claims Under Cenvat Credit Rules- Service Exporter

  • Category: Erstwhile Indirect Tax Laws
  • Date: 14-04-2016
  • Writer: CA Akbar Basha

Finally CBEC by notification 14/2016-CE(NT) has brought out the required clarification as to from which date the period of one year was required to be counted for the purpose of limitation in filing the refund application by the manufacturers exporters and service exporters under Rule 5 of Cenvat Credit Rules.  

This issue was more of a concern for the service provider, as notification 27/2012-CE(NT) had referred filing of refund claim before the expiry of the period specified in...

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Time Limits for Filing Refund Claims Under Cenvat Credit Rules- Service Exporter

  • Category: Erstwhile Indirect Tax Laws
  • Date: 14-04-2016
  • Writer: CA Akbar Basha

Link of AS 10 and 11 with indirect taxes

  • Category: Erstwhile Indirect Tax Laws
  • Date: 16-03-2016
  • Writer: Vidhya R

Textile exporter various options to claim benefit under IDT

  • Category: Erstwhile Indirect Tax Laws
  • Date: 11-03-2016
  • Writers: CA Ashish Chaudhary, CA Rajesh Kumar T R

Background

Textile industry has been exempted from excise duty until Budget 2016-17 where exemption has been withdrawn on manufacturing of readymade branded garments falling under chapters 61, 62 and 63 of CETA and having MRP equal to or exceeding Rs. 1,000/-. The duty may be charged either @ 2% (without Cenvat) or 12.5% (with Cenvat). 

The imposition of levy shall have impact not only on the domestic manufactures but on exporters also. Till now as it was exempted, exporters could...

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Textile exporter_various options to claim benefit under IDT

  • Category: Erstwhile Indirect Tax Laws
  • Date: 11-03-2016
  • Writer: CA Ashish Chaudhary

Implication of Auditing Standards on Indirect Taxes

  • Category: Erstwhile Indirect Tax Laws
  • Date: 10-03-2016
  • Writer: Akash Parmar

Excise Duty on Textile Sector-Increased cost and Compliance Burden

  • Category: Erstwhile Indirect Tax Laws
  • Date: 09-03-2016
  • Writer: CA Rajesh Kumar T R

Textile has been subjected to duty of excise at different point of time. In 2004, exemption was granted on textile articles falling under chapter 61, 62 and 63 from duty of excise by issuing Notification No. 30/2004-CE. It was again subjected to duty in 2011-12.  After remaining liable for one year, it was rolled back by then finance minister P Chindabaram and since then textile was out of central excise purview. In Union Budget 2016-17, branded readymade garments has again been made...

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Excise Duty on Textile Sector-Increased cost and Compliance Burden

  • Category: Erstwhile Indirect Tax Laws
  • Date: 09-03-2016
  • Writer: CA Rajesh Kumar T R