The Finance Minister while announcing the Union Budget 2016 has introduced new cess called "Krishi Kalyan Cess". It would be levied @ 0.50% on the value of all taxable services. It would be applicable with effect from 1st June, 2016. The Accounting codes are given here under.
The Central Board of Excise & Customs has extended the last date of submission of service tax return form ST-3 for the period from 1st October, 2015 to 31st March, 2016, from 25th April, 2016 to 29th April, 2016. The Copy of the order is given below.
The detailed FAQs issued by CBEC can be downloaded from the link given below.
Ministry of finance, Government of India vide its Service Tax notifications, numbering 21/2015 & 22/2015 has imposed 0.5% Swachh bharat Cess on services with effect from 15th November, 2015. The copy of both the above said notifications are given below for viewing as well downloading.
No Service tax on free Pick-up or Home delivery of food as it is being in the nature of "Sales" – Chandigarh Commissionerate.This has been clarified by the Chandigarh Commissionerate vide its letter C.No. ST-20/STD/Misc./Sevottam/62/12/4693 dated August 13, 2015 (“the Clarification”). The copy of the said letter is given below.
Service tax rate has been increased to 14% with effect from 01.Jun.2015. Please note that Education Cess (2%) Secondary & Higher education cess (1%) is not applicable wef 01.06.2015. List of service on which Swach Bahart Cess applicable and effective date of Swach Bahart Cess is not notified Yet.
However many services have abatements under valuation/composition schemes, so applicable effective rate is different for many services. However there may be some conditions along with these abatements/composition schemes. The service tax rate chart after abatement is given below.
The Hon’ble President of India has given assent to the Finance Bill, 2015 on Thursday, May 14, 2015. After that The Ministry of Finance, Department of Revenue has issued Notification No. 14/2015-ST dated May 19, 2015 thereby increasing the rate of Service tax from 12.36% to flat 14% (Subsuming Education Cess and Secondary & Higher Secondary Education Cess) to be effective from June 1, 2015. The copy of the notification along with TRU letter D.O.F.No.334/5/2015-TRU dated May 19, 2015 is attached below for viewing and downloading.
SERVICE TAX RETURN FOR OCT-13 TO MAR-14 NOW AVAILABLE FOR FILING /DOWNLOAD
Service Tax Return (ST-3) excel utility for the period of October 2013 to March 2014, i.e. second half of the financial year 2013-14 is now available in ACES for e-filing by the assesses in both offline and online version.
The Finance Bill 2014, as introduced in the Lok Sabha today, 17.02.2014, is available for download. The highlights of the Budget are as follows:
The Excise Duty on all goods falling under Chapter 84 & 85 of the Schedule to the Central Excise Tariff Act is reduced from 12 percent to 10 percent for the period upto 30.06.20 14. The rates can be reviewed at the time of regular Budget.
Changes In Service tax
Highlights of Finance Minister P Chidambaram's Vote on Account or Interim Budget speech.
12.12: FM ends speech with a long Tamil couplet.
12.10: FM hopes to peg revenue deficit at 3.3% and fiscal deficit target at 4.1% next year.
No Service Tax required to be paid on Services provided by an Authorised Person or Sub-Brokers to Member of Commodity Exchange up to 30th June, 2012
The Central Government vide Notification 03/2014-ST dated February 3, 2014 has provided that no Service Tax is required to be paid on services provided by an authorised person or sub-brokers to the member of a Commodity Exchange, in relation to a forward contract, on which Service Tax was not being levied during the period commencing from the 10th day of September 2004 and ending with the 30th day of June, 2012 in accordance with the prevalent practice.
TDS not to be Deducted on Service Tax Component shown Separately
Whether to deduct TDS on Service Tax Amount? This question had always put deductor in difficulty. The question always comes that whether TDS is to be deducted on the entire amount of the invoice i.e. including service tax or only on the payment made towards services i.e. excluding service tax.
CBEC has issued Circular No.173/8/2013 – ST clarifying certain doubts regarding Service Tax on Restaurant service. The said Circular No.173/8/2013 – ST is reproduced below.
Last date for filing Service tax return for the Half Yearly 1st October, 2012 to 31st March, 2013 has been further extended upto 10th September, 2013 Notification No 4/2013 dated 30th August, 2013.
Union Finance Minister Shri. P. Chidambaram released a booklet containing Frequently Asked Questions (FAQ) on Service Tax Voluntary Compliance Encouragement Scheme, 2013 in New Delhi on 08/08/2013 in the presence of Revenue Secretary, Chairperson and other members of Central Board of Excise.
Service Tax Return ST-3 utility in Excel for half yearly 1st Oct, 2012 - 31st March, 2013 available for download.
The Offline Excel utility for filing half-yearly Service Tax return (ST 3) for the period 1st October, 2012 to 31st March, 2013 is now available in ACES. The same can be downloaded from link given below The online version of the same will be made available shortly and the exact date will be intimated on ACES website. All assessees are advised to carefully read the 'Instructions' given in a separate sheet in the ST-3 offline excel utility before filling up the details.
Serial no. 12 of Notification No.26/2012 as applicable w.e.f. 08.05.2013 stating that limits lower service tax to only to those houses that costs under Rs.1 crore and have carpet area less than 2000 square feet.
The Finance Act, 2013 has provided “Amnesty Scheme for Non Filers and Stop Filers”
SERVICE TAX VOLUNTARY COMPLIANCE ENCOURAGEMENT SCHEME - CBEC CLARIFIES CERTAIN ISSUES – MERE PENDENCY OF LETTER SEEKING GENERAL INFORMATION NOT AN IMPEDIMENT TO PERSON SEEKING THIS SCHEME
CIRCULAR NO. 169/4/2013-ST [F.NO.B1/19/2013-TRU], DATED 13-5-2013
tax 'N' accounts people
Tarun Kumar Gupta
Life style Post