Indian Tax Updates

A Complete Tax Solution for Indian Taxpayers and Students

Service Tax on Money Remittance to India

| News/ Service Tax | | Leave a Comment

Service Tax on Money Sent to India Central Government vice Circular No. 180/06/2014 – ST has expanded the scope of service tax has by taking service of “Inward remittances from Abroad to Beneficiaries in India” under the purview of service tax. Last year the total of inward remittance was USD 65 Billion which is expected […]

Interest on Late Payment of Service Tax Increased

| Service Tax | | Leave a Comment

Revised Rate of Interest on Delayed payment of Service Tax Central Government vide notification No 12/2014-ST dated 11.7.2014 has increased the rate of interest chargeable on the late payment of service tax dues w.e.f. 1st October, 2014. Earlier the rate of interest on the delayed payment of service tax was 18% p.a. irrespective of the […]

TDS on Service Tax Amount under New Rule

| Service Tax/ TDS | | Leave a Comment

 TDS not to be Deducted on Service Tax Component shown Separately Whether to deduct TDS on Service Tax Amount? This question had always put deductor in difficulty. The question always comes that whether TDS is to be deducted on the entire amount of the invoice i.e. including service tax or only on the payment made […]

7 Important Decisions Taken On Indirect Tax Issues

| Central Excise/ CENVAT/ Indirect Tax/ Service Tax | | Leave a Comment

Important Decisions on Indirect Tax Related Issues or Indirect Tax Related Disputes In July 2013, the Union Finance Minister Shri P.Chidambaram constituted a Forum for exchange of views between industry groups and Government on tax related issues or tax related disputes. The Forum is chaired by Dr. Parthasarathi Shome, Adviser to the Finance Minister and […]

Mandatory E-Payment of Excise Duty and Service Tax Reduced to Rs.1 lakh w.e.f. 1st January, 2014

| Central Excise/ CENVAT/ Service Tax | | Leave a Comment

Reduction in Threshold Limit for Mandatory E-Payment of Central Excise Duty and Service Tax. It has now been decided to reduce the threshold limit of mandatory e- payment from rupees ten lakhs to rupees one lakh for both Central Excise and Service Tax payment with effect from 1st of January, 2014. Notification no. 15/2013-C.E. ( […]

Basics of Work Contract Tax plus Free Ebook on WCT Provisions under VAT Laws of Different States

| Service Tax/ VAT | | Leave a Comment

What is Work Contract Tax? As per Finance Act 2005, “Works Contract means a contract for carrying out any work which includes assembling, construction, building, manufacturing, processing, fabricating, erection, installation, fitting out, improvement, repairing or commissioning of any MOVABLE or IMMOVABLE property.” Works Contract is a deemed sale which involves transfer of property in goods, […]