Revised ST 3 -Service Tax

è The ST- 3 return filing which was due by 25-10-2012 for the period “01-04-2012 to 30-06-2012”, but data has been provided for the period 01^st April 2012 to 30^th June 2012 (one quarter only) as per CBEC instruction vide letter F.No.137/22/2012 dated 28^th September 2012.

Karnataka Budget 2013-14

Highlights of Karnataka Budget Speech - 2013-2014 and amendments proposed in various Commercial Tax & Other Laws:

      Karnataka VAT Act, 2003:

Ø  Change in Tax Rates:

• The general rate of VAT which was increased from 5 % and 14 % to 5.5 % and 14.5 % respectively, earlier, shall continue to be  applicable up to 31.07.2013 and shall be reduced to the original rates with effect from August 2013
• VAT exemption on paddy, rice, wheat, pulses and products of rice and wheat extended for one more year from 01.04.2013

Hon'ble Delhi High Court Held CBEC Circulars ultra vires regarding CA’s liability to pay higher service tax rate on services rendered/ invoice raised before 01.04.2012 but payment received thereafter

Hon'ble Delhi High Court Held that CBEC Circular is ultra vires regarding CA’s liability to pay higher service tax rate on services rendered/ invoice raised before 01.04.2012 but payment received thereafter