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The objective of writing this detailed article is to create awareness among taxpayers, as to how impactful a reply to notice can be made. We have also provided links to our previous articles, which may be referred for in-depth analysis.

Key takeaways from this article –

• Create awareness among taxpayers, the importance of responding to letters/notices issued by the department.
• Knowing the means of communication of notice by the department under GST
• How to handle such notices,...

Banks are registered under service tax in the category of ‘Banking and Financial Services’. They collect and pay service tax on its various incomes such as commissions, bank charges, documentation charges, processing fees etc. levied on its customers. However, one of the major revenues earned by the banks is in the form of interest which is outside the purview of service tax as the same is covered in the negative list. Now as per Rule 6(3B) of the CENVAT Credit Rules, 2004, the banking...

The power to impose sales tax/VAT flows from Entry 54 of List II of Schedule VII of the Constitution of India. Under Article 366(29A) of the Constitution of India, “tax on the sale or purchase of goods” includes

1. a tax on the transfer, otherwise than in pursuance of a contract, of property in any goods for cash, deferred payment or other valuable consideration;
2. a tax on the transfer of property in goods (whether as goods or in some other form) involved in the execution of a works...

Excise duty was imposed on article of jewellery in the Union Budget 2016-17. There were many apprehensions of the trade and industry regarding taxability, valuation, exemption, removal procedures, documentation and interventions by departmental officials. The government had constituted high level committee to make suggestions on critical aspects. The committee had made its suggestion last month and accepting the suggestions made by committee, government has come out with necessary...

Service tax levy on ocean freight charges even when the services are provided outside India  has attracted lot of criticism from trade within the country. This would also effect countries like Nepal as the levy would affect the transit treaty between the countries. Service tax levy from 22nd January 2017 has created few confusions with respect to aspects like liability, point of taxation and Cenvat credit etc. Importers who hitherto were not liable for service tax on ocean...

This material and the information contained herein prepared by Hiregange & Associates intended for clients and other chartered accountants to provide legal updates on indirect tax and is not an exhaustive treatment of such subject. We are not, by means of this material, rendering any professional advice or services. It should not be relied upon as the sole basis for any decision which may affect you or your business.    

Advance Ruling    

1. Subscription to share capital...