TaxIndiaUpdates.In : GST, Service Tax, Income Tax, VAT, Tax Planning

No Service Tax on Activities Incidental to Seed Testing

November 26, 2015 TaxIndiaUpdates In0 comments4631 views

. CBEC vide its Circular No.189/8/2015-Service Tax dated 26-11-2015 it is clarified that all testing and ancillary activities to testing such as seed certification, technical inspection, technical testing, analysis, tagging of seeds, rendered during testing of seeds, are covered within the meaning of testing as mentioned … Continue Reading →

Central Excise

No Excise Duty on materials parts use in Ships Boats etc in Chapter 89 of Excise Tariff

November 25, 2015December 2, 2015 TaxIndiaUpdates In0 comments4747 views

CBEC vide Notification No. 44/2015-Central Excise 24-11-2015 seeks to further amend notification No. 12/2012-CE dated 17.3.2012 so as to provide exemption from excise duty on all raw material and parts for use in manufacture of certain specified ships/vessels subject to actual user condition and also removing the … Continue Reading →

Service Tax

Handbook on Swachh Bharat Cess

November 15, 2015November 19, 2015 TaxIndiaUpdates In0 comments6278 views

Download Handbook on Swachh Bharat Cess FREQUENTLY ASKED QUESTIONS (FAQ) Background: Chapter VI (Section 119) of the Finance Act 2015 contains provisions for levy and collection of Swachh Bharat Cess (SBC). Now the Government has announced 15th November, 2015 as the date from which the provisions of … Continue Reading →

Service Tax

Clarification on Swachh Bharat Cess for Composition Abatement and RCM

November 13, 2015November 13, 2015 TaxIndiaUpdates In0 comments5510 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 comments4886 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 comments4325 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 comments14869 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 comments4021 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 comments2650 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 comments10985 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 →