Audit by department: Justified or not?

Introduction “Audit” – One of the most dreaded consequence of getting registered with the service tax department. Nobody wants to get strangled in the vicious circles of departmental audit and yet, sooner or later, you have to face the dungeon of audit. Times and now, questions have been raised on the qualifications and eligibility of … Read more

Whether service tax shall be leviable on sale of under construction flats?

Dear All, Whether service tax shall be leviable on sale of under construction flats? Recently, Delhi High Court has passed a judgement confirming that service tax shall not be levied on sale of under construction flat. With respect to same, we have summarised the case as under: 1. Background 1.1. Suresh Kumar Bansal (Buyer) had … Read more

Service Tax Assessees to File Annual Return

Introduction:- Although, with the government resorting to implement unified taxation regime GST in near future, it was hoped that the number of returns to be filed by an assessee would reduce substantially and this has been done in case of Central Excise Assessees which is highly appreciated by the trade and industry. However, at the … Read more

Hopes of Auto Industry Shattered!

Introduction:- With the forthcoming budget 2016-17 there were lot of hopes and expectations of the automobile industry that they will be encouraged by way of various tax incentives but the budget came as a curse to them. All the hopes went in vain as soon as the Finance minister announced levy of Infrastructure cess on … Read more

Cenvat Credit under Service Tax (Part 1)

Input Tax Credit under Service Tax is allowed as per Cenvat Credit Rules, 2004 (CCR, 2004). Service tax credit rules have been drawn from CCR replacing the previous Cenvat Credit Rules, 2002 and Service Tax Credit Rules, 2002. This discussion deals with provisions applicable only to service provider. Some important definitions Capital goods As per … Read more