November 25, 2015

XBRL - eXtensible Business Reporting Language

Ministry of Corporate Affairs introduced the concept of XBRL filing of financial statements to ROC by mandating certain class of companies to file balance sheets and profit and loss account for the year 2010-11 onwards by using XBRL taxonomy.  XBRL is used for presentation of data which permits easy analysis and interpretation thereby reducing co

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March 2, 2015

Negative list of services (66D) under Service Tax

Apart from the list of services, mentioned in the negative list of services the remaining services come under the service tax criteria. Below mentioned are the list of services exempted from service tax 1. Services by Government or a local authority excluding the following services to the extent they are not covered elsewhere- Services by the D

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March 2, 2015

Service Tax rules and forms

Service Tax Rules:The Service Tax rules states that every person liable for paying the service tax shall make an application, in Form ST-1 for registration within a period of 30 days from the date on which the service tax is levied.Every assessee shall submit the half yearly return in form ST-3, or ST-3A with the copy of G.A.R.7, in triplicate for

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March 2, 2015

Statutes governing the levy of Service Tax

The Statutes governing the levy of Service Tax are as follows:The Finance Act, 1994 - Chapter V - Section 64 to 96 I. (referred to as ‘Act’ in this book) this chapter extends to the whole of India except the State of Jammu and Kashmir.The Finance Act, 2004 Chapter VI - for levy of Education Cess @ 2% on the Service Tax.The Finance Act, 2007 –

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March 2, 2015

Filing of Service Tax Return

Returns that a service tax assessee has to file:Service Tax Return (ST-3 Return) – For all the registered assessee, including Input Service Distributors.Procedure for e-filing:1. File of an application to the jurisdictional Asst. /Deputy Commissioner of Service Tax, specifying –15-digit PAN based registration number (STP Code)Valid e-mail addre

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March 2, 2015

Books of accounts and records to be maintained for Service Tax

Under every tax law, there is necessity to maintain proper books, records and accounts that will facilitate the assessment and collection of duty as stipulated under the law. Every person providing taxable service shall issue an invoice, a bill, or as the case may be a challan, signed by such person.The Bill/ Invoice/ Challan should be issued withi

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March 2, 2015

Billing and Payment of Service Tax

Billing of Service Tax: Issue of Invoice/Bill by a Service Tax assessee is mandatory as per Rule 4A of the STR, 1994. The same should be issued within 14 days from the date of completion of taxable service or receipt of payment towards the service, whichever is earlier.The invoice/bill should contain the following information (Rule 4A of the STR,

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March 2, 2015

Exemption and Abatement under Service Tax

Some general exemptions are provided in respect of:Services provided to the United Nations;Services to units in and developers of Special Economic Zones;Services rendered free of cost; andServices prior to the effective date of the service being included as a taxable service, even if payments are realized later.Exemptions available for small servic

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March 2, 2015

Value of taxable service - Decision making

The value of taxable service is the gross amount received by the service provider for the taxable service provided or to be provided by him. The valuation of taxable service is to be done with respect to the service provided or to be provided also. For certain services, a specified percentage of abatement or reduction in value of taxable ser

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March 2, 2015

Deciding on whether Service Tax is payable or not

If you are engaged in providing service to your customer, please check:-Whether the service rendered by you is falling under the scope of any of the taxable services as per the listWhether there is a general or specific exemption available for the category of service provided under any notification.Whether you are entitled to the value based exempt

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