Not interested anymore? Unsubscribe. Having trouble viewing this email? View it in your browser.

Suvidha Digest
A One Stop Consultancy House

OCTOBER 2014
          Issue XV

TABLE OF CONTENTS
Indirect Tax:
Amendment in Taxability of Goods Commission Agent Services - Boon or Bane
Clarifications of Mandatory Pre-Deposit for Filing Appeals Under Service Tax, Excise and Customs
Time Barrier for taking CENVAT Credit
Direct Tax:
Deduction on Actual Payment under Section 43B
Placement:
Type of Job Interview

Our Gamut of Services:

•  Indirect Tax
•  Direct Tax
•  Financial Consultancy (Central/ State Governments Subsidy & Incentives
•  Project Consultancy & Loan Syndication
•  Empanelled Valuer ( with various banks/ FI's)
•  Placement
•  Insurance
•  Mutual Funds
•  Advisory
•  Broking
•  Depository
•  Valuation Real Estate Consultants

•  Amendment in Taxability of Goods Commission Agent Services - Boon or Bane?

As per the charging section of Service Tax, a service taxable only if it is provided in taxable territory, i.e. the place of provision of service is taxable territory. For the purpose of determining the place of provision of a service, Place of Provision of Services Rules, 2012 (hereinafter referred to as'POPS').
Till 01/10/2014, services provided by commission agents of goods to Foreign Service receivers were not taxable by virtue of Rule 3 of POPS. As per Rule 3 of POPS, the place of provision of service is the location of the service receiver viz. in this case, foreign territory and thus the service was not taxable.

more >

•   Clarifications Of Mandatory Pre-Deposit For Filing Appeals Under Service Tax, Excise And Customs

The Central Board of Excise and Customs issued a Circular no. 984/08/2014-CX dated 16.09.2014 for clarifications with regards to the amendments to the Appeal provisions in Customs, Central Excise and Service Tax made by the Finance Act, 2014.The Finance Act, 2014 substituted Section 35F of the Central Excise Act, 1944 and Section 129E of the Customs Act, 1962 with new Sections to prescribe mandatory pre-deposit where duty demanded and penalty are in dispute.


more >

•   Time Barrier for taking CENVAT Credit

With Notification 21/2014-Central Excise (N.T) dated 11.07.2014, the Government amended the CENVAT Credit Rules, one of which was the inclusion of a time barrier for taking CENVAT credit which created a buzz in the routine lives of manufacturers and output service providers.

A proviso has been added in Rule 4(1) and Rule 4(7), wherein it has been specified that a manufacturer or a provider of output service cannot avail CENVAT credit of inputs/input services after the expiry of 6 months from the date of issue of invoice. Also, the third proviso to Rule 4(7) says that “Provided also that in case the payment of the value of input service and the service tax paid or payable as indicated in the invoice, bill or, as the case may be, Challan referred to in Rule 9, except in respect of input service where the whole of the service tax is liable to be paid by the recipient of service, is not made within three months of the date of invoice, bill or, as the case may be Challan, the manufacturer or the service provider who has taken credit on such input services, shall pay an amount equal to the CENVAT credit availed on such input service and in the case such payment is made, the manufacturer or the service provider, as the case may be, shall be entitled to take credit of the amount equivalent to the CENVAT credit paid earlier subject to the other provisions of this Rule”

more >

•   Deduction on Actual Payment under Section 43B

Section 43B of the Income Tax Act, 1961 continues to be an interesting facet of income tax law even after two decades of its introduction. The special feature of this provision is that it completely ignores the method of accounting of the assessee and the extended time period for remittance up to the “due date” mentioned in Section 139(1) add further colour and contrast for tax planning.

more >

•   Type of Job Interview

Job interview is a formal discussion between a hirer and an applicant or candidate in which information is exchanged, with the intention of establishing the applicants' suitability for a position

Based on the types and formats interviews can be categories in ten types. These are mentioned below:

more >

 
 
Indirect Tax: Direct Tax: Project Consultancy & Loan Syndication Empanelled valuer, Subsidy/Incentives Financial Solutions Recruitment Solutions
Shilpi Bajoria
shilpi@suvidhaconsultants.com
9830931239
R.B Mandal
directtax@suvidhaconsultants.com
Sourav Gupta
9830016263 / 9836599200
Sunil Bhoruka (Projects) - sunil@suvidhaconsultants.com - 9830158714
Dindayal Jajodia (Subsidy) dindayal@suvidhaconsultants.com - 9830550018
Vikash Kumar Kedia
vikash@suvridhi.com
9830040804
Mr. Sandeep Agarwal
9339144910 / 033 22150852/53

cmd@suvidhajobs.in client@suvidhajobs.in www.suvidhajobs.in
For more details please visit our website: 
www.suvidhagroup.in  |  www.suvridhi.com  |  www.dreamacresrealty.in