Publication

Point of Taxation in case of Reverse Charge Service

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Point of taxation will be the payment date or first day after three months from the date of invoice whichever is earlier (changes take place on invoice issued after 01.10.2014) However where invoice was issued prior to 01.10.2014 but payment has not been made in that case point of taxation shall be : 1. If payment is made within six months of the date of invoice, the date of payment 2. If payment is not made within six months, be determining as per the provision of Rule 7.

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Time Limit for taking credit on input and input services

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Credit shall now be taken within six months from the date of invoice or challans or other document specified (changes w.e.f. 01.09.2014) In case of GTA Service, service receiver may avail abatement, without having to obtain non availment of Cenvat Credit Certificate from service provider.

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Increase in Rate of Interest on Service Tax

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Extent of delay Simple interest rate per annum For the period up to 60 days 18% For the period from 6 months and upto 1 year 24% For the period after 1 year 30%

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