File your quarterly Service Tax Return (April-June) by 15th August

  Seeks to amend the Rule 7 and & 7B of the Service Tax Rules 1994 so that the return for the period from 01.04.2017 to 30.06.2017 shall be submitted by 15.08.2017. Service tax return for the period April 2017 to June 2017 is to be filed on or before 15th of August 2017 and revised service tax return if required within 45 days from the date of filing the original return GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No. 18/2017- Service Tax New Delhi, the 22nd June, 2017  G.S.R. (E). – In exercise of the powers conferred by sub-section (1) read with sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the

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Goods and Service Tax by ICSI

  PD&PP : GST: 04S/2017 June 02, 2017 Understanding Schedule II (Part – I) In the previous issue we discussed about the activities which are to be considered as supply of goods or supply of services even if they are without a consideration, but are done in the course or furtherance of business. Schedule II of the Central Goods & Services Tax Act, 2017 lists activities which are to be treated as supply of goods and supply of services. In this issue, activities which form supply of goods are discussed. The next issue will cover the list of activities to be treated as supply of services, as enumerated in Schedule II. Activities to be treated as supply of goods Form of supply Description Transfer Transfer of title in goods Transfer

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Goods and Service Tax : Education Series by ICSI

  GST: 03/2017 June 01, 2017 Understanding Schedule I Schedule I lists activities that are to be treated as supply even if they are without a consideration. The important point to note here is that though the following activities will be considered as supply even if there is no consideration involved, it is required that the activity is done in the course or furtherance of business. The forms of Supply listed in Schedule I are as follows: Permanent transfer or disposal of business assets where input tax credit (ITC) has been availed on such assets. When ITC is availed on a particular asset and the asset is disposed off or transferred permanently without a consideration, it will be considered as supply and attract GST. Example : Suppose, if XYZ Ltd.

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Goods and Service Tax 30 may 1st issue by ICSI

  GST: 01/2017 May 30, 2017 Understanding Basics of GST Single tax rate for a product or service in any part of the country (except J&K) The following 17 different indirect taxes will be subsumed under GST Central taxes State taxes 1. Central Excise Duty; 2. Duties of Excise (Medicinal and Toilet Preparations); 3. Additional Duties of Excise (Goods of Special Importance); 4. Additional Duties of Excise (Textiles and Textile Products); 5. Additional Duties of Customs (commonly known as CVD); 6. Special Additional Duty of Customs (SAD); 7. Service Tax; 8. Cesses and surcharges insofar as they relate to supply of goods or services. 9. State VAT; 10. Central Sales Tax; 11. Purchase Tax; 12. Luxury Tax; 13. Entry Tax (All forms); 14. Entertainment Tax (except those levied by the

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Director of Visakhapatnam hotel arrested for failure to pay Service Tax

  Anti Evasion Room No. 207/212/2013 Phone No. 0891 2566804 Fax No. 0891 2502451 E- Mail: aevizag@gmail.com Office of the Commissioner of Customs, Central Excise and Service Tax Visakhapatnam- Commissionerate Central Excise Building, Port Area, Visakhapatnam- 530 035 C.No.V/18/2017-A.E.    Date : 18th May , 2017 PRESS NOTE Basing on the intelligence gathered by the officers of this commissioner ate of C.Excise & Service Tax, the Managing Director of a popular hotel of Visakhapatnam was arrested and remanded to judicial custody today for the failure to remit to the government an amount of Rs. 3 crores of service tax which was collected during the years 2011-16. It is hereby informed to the trade and public that the service tax wing of this commissionerate is receiving valuable data regarding service tax assesses from various sources which is

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Goods and Service Tax (GST) Bill

  The 122nd Constitution Amendment Bill, 2014 has been passed by the Parliament and after ratification by fifty percent of the States, the same has been enacted as 101st Constitution Amendment, Act, 2016. No Goods and Service Tax (GST) Bill has so far been passed. The Central Goods and Services Tax (CGST) Bill, Integrated Goods and Services Tax (IGST) Bill and Union Territory Goods and Services Tax (UTGST) Bill will be passed by Parliament. Each State, including Union territory with Legislature will pass its own State Goods and Services Tax (SGST) Bill. It is the intended objective that the GST will simplify the trade and maintenance of accounts (income/ expenditure) and also check tax evasion in the country GST is expected to have positive effect on trade and consumers in, interalia, the following manner:- Simpler

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Service tax arrears triple to Rs 71K cr in 2 yrs: CAG

  Service tax arrears more than tripled to Rs 71,257 crore in 2014-15 within a couple of years, apex auditor CAG said today, expressing concern that the recovery is not being given due importance. The arrears of service tax were at Rs 22,014 crore in 2012-13, it said. The Comptroller and Auditor General (CAG) added however that recovery last year, as percentage of “unrestrained recoverable arrears”, registered a steep fall from 42 per cent during 2013-14 to 10 per cent in 2014-15. Service tax collection was Rs 2,11,145 crore in 2015-16 and accounted for 29.77 per cent of indirect tax revenue, CAG said, adding that “manpower recruitment services, which was at third position in 2014-15 became top service revenue paying service in 2015-16 followed by Telecommunication and General Insurance Premium

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Amendment in Service Tax Exemption to Educational Institutions WEF 01.04.2017

  GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 10/2017-Service Tax, New Delhi, the 8th March, 2017 GSR (E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 25/2012- Service Tax, dated the 20th June, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 467 (E), dated the 20th June, 2012, namely:- In the said notification, in the opening paragraph, in entry 9, in clause (b), after sub-clause (iv), the following proviso shall be inserted, namely:-

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Exempt low-cost housing from service tax under GST: Venkaiah Naidu 

  Urban Development Minister M Venkaiah Naidu today pitched for exempting affordable housing from service tax under the GST regime so that prices for low-cost homes do not rise. Naidu, who is also the Minister of Housing and Urban Poverty Alleviation, also asked states to waive stamp duty for affordable housing projects and rationalise it for others. Addressing the realtors’ body CREDAI event, he assured that the GST (Goods and Service Tax) would not lead to rise in prices and certainly not for the affordable housing segment. “Currently affordable housing is exempt from service tax. My ministry has already taken up with the Ministry of Finance the need to continue with this exemption under the GST,” Naidu said. The affordable housing has been given infrastructure status in the Budget and

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Service Tax payable by way of admission to a museum

  [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Notification No.09 /2017-Service Tax New Delhi, the 28th February, 2017 Phalgun 9,1938 Saka G.S.R. (E).- Whereas, the Central Government is satisfied that in the period commencing on and from the 1st day of July, 2012 and ending with the 31st day of March, 2015 (hereinafter referred to as the said period), according to a practice that was generally prevalent, there was non levy of service tax, on the services by way of admission to a museum and this service was liable to service tax, in the said period, which was not being paid according to the said practice. Now,

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