Reverse charge
mechanism was introduced purposefully to cover unorganized sectors like GTA or
cover small service providers because for them paying tax may not be a problem
but understanding of legal provisions and then complying with those provisions
could really have become difficult but now reverse charge has become fashion
and government applying to any sector even those sector can understand the law
and can manage as well. Reverse charge on legal service/ service by directors
to the company are the best example where Government collecting tax on reverse
charge basis while it should have been directly collected through these service
providers themselves.
Income Tax,Goods & Service Tax,Finance,Investment
Service Tax on services provided by directors to the Company
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Amendment in service tax on construction , complex services
Amendment in service tax on construction , complex services
CBEC has amended Notification No. 26/2012- ST dated 20.06.2012 with a view to remove the ambiguity prevailing on the rate of abatement of service tax on construction of residential unit.
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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 01st April 2012 to 30th
June 2012 (one quarter only) as per CBEC instruction vide letter
F.No.137/22/2012 dated 28th September 2012.
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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
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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
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