TaxIndiaUpdates In

Clarification on Swachh Bharat Cess for Composition Abatement and RCM

November 13, 2015November 13, 2015 TaxIndiaUpdates In0 comments6538 views

CBEC vide following notifications clarified applicablity and computation of Swachh Bharat Cess on taxable value of services : A. Notification No.23/2015-ST dated the 12-11-2015 : It is clarified that in case abatement is availed as per Notification No. 26/2012-St dated 20-06-2012, the Swachh Bharat Cess will … Continue Reading →

Service Tax

Now Quick Refund of Accumulated CENVAT Credit to Exporters of Services

November 12, 2015November 13, 2015 TaxIndiaUpdates In0 comments5967 views

. CBEC vide its Circular 187/6/2015-Service Tax dated 10-11-2015 formulated a Scheme for Speedy grant of refund of accumulated and unutilized CENVAT Credit for Exporters of Services to help in unlocking the accumulated credit. Exporters of services today accumulate CENVAT credit on both input services … Continue Reading →

Personal Finance

Govt Liberalised FDI in 15 Major Sectors of the Economy : A Diwali Gift To Economy

November 10, 2015November 10, 2015 TaxIndiaUpdates In0 comments5511 views

Today on 10-11-2015 Indian Finance Minister Sh.Arun Jaitly has given a bonaza to Indian Economy on the occasion of Diwali through Reforms and liberalisation in Foreign Direct Investment policies in 15 major Sectors of the Indian Economy. The refining of foreign direct investments in key … Continue Reading →

Service Tax

Swachh Bharat Cess @ 0.5% leviable with effect from 15-11-2015

November 6, 2015January 9, 2016 TaxIndiaUpdates In0 comments16119 views

. Swachh Bharat Cess @ 0.5% leviable with effect from 15-11-2015 on all taxable services vide service tax notification 21/2015 dated 06-11-2015. It was proposed in budget 2015-16 that Swachh Bharat Cess will be levied @2%. However currently government start imposing this cess @0.5% (Half Percent … Continue Reading →

Personal Finance

National Pension System NPS is now also available to NRI

October 30, 2015October 31, 2015 TaxIndiaUpdates In0 comments5167 views

Reserve Bank of India vide RBI/2015-16/216 A.P. (DIR Series) Circular No. 24 dated 29-10-2015 has clarified that with a view to enabling NRIs’ access to old age income security, National Pension System (NPS) as an investment option for NRIs under FEMA, 1999 is available for them. Accordingly, … Continue Reading →

Personal Finance

Sovereign Gold Bonds will be available in market from 26th November 2015

October 30, 2015October 31, 2015 TaxIndiaUpdates In0 comments3345 views

Minitry of Finance has anounced vide its press release dated 30-10-2015 that Sovereign Gold Bonds are expected to come in market w.e.f. 26th November, 2015. The Bonds will be sold through authorised banks and designated post offices. Government of India, in consultation with Reserve Bank … Continue Reading →

Service Tax

Cenvat Credit of Edu Cess and SHE Cess Can be used for payment of Service Tax after 01-06-2015

October 29, 2015October 31, 2015 TaxIndiaUpdates In0 comments12117 views

. Edu Cess and SHE Cess Can be used for payment of Service Tax after 01-06-2015 Edu Cess and SHE Cess Can be used for payment of Service Tax after 01-06-2015 : CBEC issued Notification No.22/2015-Central Excise (N.T.) dated 29-10-2015 to further amend Cenvat Credit … Continue Reading →

Central Excise

Excise Laws Amendment and Validation Ordinance 2005

October 25, 2015February 3, 2016 TaxIndiaUpdates In0 comments4914 views

The Central Excise Laws Amendment and Validation Ordinance 2005 Date 25/01/2005 Promulgated by the President in the Fifty-fifth Year of the Republic of India. An Ordinance further to amend the Central Excise Act, 1944, rules made thereunder, certain notifications relating to exemption from duties of … Continue Reading →

Service Tax

No More Service Tax on Yoga Tranining : Covered in Mega Exemption

October 24, 2015 TaxIndiaUpdates In0 comments10244 views

. CBEC vide its Notification No. 20/2015-Service Tax dated 21-10-2015 amended Notification No. 25/2012-Service Tax, dated the 20th June, 2012 to provide following new exemptions from levy of service tax: 1.No More Service Tax on Yoga Tranining : Now ‘Yoga’ get place in Mega Exemption Notification w.e.f. 23-10-2015. … Continue Reading →

Service Tax

Revised Monetary Limits to Arrest in Excise and Service Tax is Rs. 1 Crore

October 23, 2015October 23, 2015 TaxIndiaUpdates In0 comments6181 views

. Central Board of Excise & Customs vide its circular Circular No. 1010/17/2015-CX dated 23-10-2015 (F.No. 96/54/2014-CX.1) has clarified that Prosecution can now be launched where evasion of Central Excise duty or Service Tax or misuse of Cenvat Credit in relation to offences specified under sub-section (1) … Continue Reading →