Background:
Sounds unusual but true. Thanks to the budget proposal by Finance Minister.
In 2012 when Negative List was introduced it was announced by then Finance Minister Mr. Pranab Mukharjee that
“I propose to tax all services except those in the negative list. The list comprises 17 heads and has been carefully drawn up, keeping in view the federal nature of our polity, the best international practices and our socio-economic requirements”
But it appears...
Read moreThe new assessee engaged in manufacture of jewellery may find it difficult to cope with vast compliance requirements under Central Excise law as excise levy has been reintroduced suddenly and unexpectedly in budget 2016. There is hardly any time for the assessee to comply with legal requirements. Therefore, it would be essential for the assessee to engage a professional for assistance who can not only assist in compliance but could be helpful in adding value which could be in form...
Read moreDepartment of Commerce, vide notification No.34/2015-20 dated 29-01-2016 had simplified the IEC application procedure with effective from the date of the said notification.
Central Government issued the above notification to amend the existing para 2.05 (c) of Foreign Trade Policy (2015-20) and further introduces a new provision, part (d) under para 2.05.
Existing policy: following are the requisite details /documents (scanned copies) to be submitted/ uploaded along with the...
Read moreSUPREME COURT
In this note a brief explanation has been provided w.r.t to payment of service tax on TDS portion in respect of import of services to make it clear for the assessee to understand liability of service tax on TDS portion in case of import of services.
In case of few specified services, service receiver has been made liable for payment of service tax as per Section 68(2) of Finance Act 1994 read with Rule 2(1)(d)(G) of Service Tax Rules 1994. As per Rule 2(1)(d)(G), ...
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