Author name: CA Ritul Patwa

REVISED REQUIREMENTS FOR IMPORTER EXPORTER CODE (IEC) APPLICATION w.e.f. 29-01-2016

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As a trade friendly measure and to remove the difficulty faced by the industry in applying for the Importer Exporter Code (IEC), the Central Government has made amendments to the process of allotment of of Importer-Exporter Code (IEC) through its Notification No. 34 /2015-2020 New Delhi, Dated: 29 January, 2016 in existing para 2.05 (c) of …

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CHANGES IN RATE OF V.A.T. IN RAJASTHAN W.E.F. 02-02-2016 : 5% to 5.50%

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The government of Rajasthan has increased the Rate of VAT from 5% to 5.50% w.e.f. 02-02-2016 vide amendment in the Notification No. F. 12 (42)FD/Tax/2010-123 dated 01-02-2016. It is a pre-budget increase by the Government of Rajasthan and has been done as a move for smooth transition from VAT to GST Regime. The Central Government is keen …

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REQUIREMENTS FOR SERVICE TAX (ST) REGISTRATION IN INDIA

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Service Tax is an Indirect Tax in India enacted under the Finance Act, 1994. The government of India has streamlined the process of Service Tax Registration across India and a common set of documents are prescribed for the same. The entire process is online but require subsequent submission of the hard copies of the evidencing documents …

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INCOME TAX REQUIREMENT FOR MANDATORY QUOTING OF PERMANENT ACCOUNT NUMBER (PAN)

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The government has rationalised the requirements of financial transactions, where quoting of Permanent Account Number (PAN) is mandatory w.e.f. 01-01-2016 by amending the Rules 114B of Income Tax Rules. We are noting below the comparative analysis of the requirements for mandatory quoting of PAN for various transactions:- S.NO. NATURE OF TRANSACTION MANDATORY QUOTING OF PAN(RULE …

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Service Tax on Transportation of Students by Education Institutions for 01-04-13 to 11-07-14

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Service Tax Department has initiated to issue Notices to the Education Institutions for charging Service Tax (retrospectively) on the Transportation Charges / Bus Fees charged by them from their Students, Staff or Faculty between the period from 01-04-2103 to 11-07-2014. GROUNDS OF NOTICES ISSUED BY SERVICE TAX DEPARTMENT Notification No. 25/2012 dated 20-06-2012 (Sl. No. 9) …

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RESURGENT RAJASTHAN 2015 – EASE OF DOING BUSINESS IN RAJASTHAN, INDIA

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India has opened its gates for Investments and establishing new business. With simplified procedures and red carpet welcome to new businesses. Resurgent Rajasthan 2015 has displayed an exemplary show of Government willingness to promote new business and investments in Rajasthan. It is a historic opportunity for registering new companies, start-ups and businesses in Rajasthan, India. …

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SERVICE TAX LIABILITY ON HOTELS & RESTAURANTS AFTER SWACH BHARAT CESS w.e.f. 15-11-15

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The Central Board of Excise and Customs (CBEC) has issued notification no. 21/2015 dated 06-11-2015 through which the Swach Bharat Cess has been made applicable w.e.f. 15-11-2015 and vide notification no. 22/2015 the Rate of Swach Bharat Cess has been caped @ 0.50% of the value of Taxable Services.   In light of the above …

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GUIDELINES FOR ISSUE OF PROSECUTION UNDER CENTRAL EXCISE AND SERVICE TAX

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The Central Board of Excise and Customs have vide Circular No. 1009/16/2015-ST Dated 23-10-2015 issued consolidated guidelines for launching of prosecution under the Central Excise Act, 1944 and the Finance Act, 1994 regarding Service Tax. The detailed guidelines are noted below for ready reference:-   Person liable to be prosecuted 1.1     Whoever commits any of …

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EXTENSION OF DUE DATE TO 31-10-2015 FOR FILLING INCOME TAX RETURN – AUDIT REPORT

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The Central Board of Direct Taxes has issued a Press Release relating to extension of the Due Date for Filling of the Return of Income and Audit Reports that were due for Filling on 30-09-2015 to 31-10-2015. An abstract of the press release is noted below for ready reference:- “The issue of extension of last …

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