24/08/2010
Circular No. 128/10/2010-ST
Service tax on on-going works contracts entered into prior to 01.06.2007.
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16/08/2010
Circular No.127/09/2010 - ST
Service tax on commercial training and coaching – clarification whether ‘donation’ is ‘consideration’ – regarding.
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10/08/2010
Circular No.126/08/2010 - ST
Regarding Service tax on commission received by Primary Dealers dealing in Government Securities
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06/08/2010
Service tax to be levied at invoicing in new rules
According to the new rules on ‘time of supply’, service tax will also be levied at the point of raising invoice. At present, service tax is charged only when the amount is received. However, it has been proposed in the new rules that it be levied when the consideration is received or when the invoice is raised, whichever is earlier. “There will be a change from cash system to accrual system. This is similar to taxation in case of goods and direct tax,” a finance ministry official told Business Standard.
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30/07/2010
Circular No.125/7/2010 - ST
Regarding Accounting Codes for the taxable services introduced vide the Finance (No.14) Act, 2010
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28/07/2010
PowerGrid gets Rs 2,200 cr relief from govt
The government has forfeited a service tax claim of over Rs 2,200 crore on Power Grid Corporation, a move that could facilitate smooth sailing for the proposed stake sale in the country’s largest transmission utility. The finance ministry has issued a notification relieving the transmission utility of any liability towards payment of service tax, a government official said. The finance minister had withdrawn service tax on power transmission in the Union budget 2010-11. Industry analysts said the move was good from the investor perspective as it removed a contingent liability from the balance sheet of the company.
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23/07/2010
Service tax exemption on specified services
Valuations of goods under Entry tax statutes differ from state to state and currently, various litigations are pending in the apex court pertaining to the constitutionality of Entry tax. In the present instance, it is important to note that as per Rule 2 of the MP Entry Tax Rules, 1976, the value of goods on which tax is leviable would depend on the manner in which the goods have been acquired. In the case of purchased goods, the value of goods would be the purchase value and in case goods are otherwise obtained, the value of goods would be the market value .
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20/07/2010
Notification No. 44/2010 – Service Tax
Amends the Service Tax Return Preparer Scheme, 2009
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20/07/2010
Notification No. 45/ 2010-Service Tax
Regarding levy of service tax on all taxable services relating to transmission and distribution of electricity
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09/07/2010
Service tax on renting still hazy
We have taken an office on lease in Delhi. We understand that a stay has been granted by the Delhi High Court on the levy of service tax on renting of immovable property. On that basis, our landlord has not been charging service tax on us. However, because of a recent change in the service tax law, the landlord now asks us to pay service tax even for the past periods. Please let us know whether we should pay the tax or not. The Delhi High Court, in the case of Home Solutions Ltd vs Union of India, has held that the levy of service tax on renting of immovable property to be outside the scope of the Finance Act (and that only services in connection with such renting of property would be liable to service tax).
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