Cenvat Credit on Construction, Repairs & Works contract Services Introduction Cenvat Credit is a beneficial scheme wherein the duty paid at earlier stage on inputs and input services is allowed to be set off against the liability on manufactured goods or output services provided. As a result what is taxed is only the value addition […]
Service Tax Implications of Plotted Development We would examine what would be the effect of some services activity conducted in the course of a sale of immovable property in general and development of plots in particular. Consequently the impact of service tax. We also examine the service tax implications along with few possible issues arising […]
Start up India – Legal aspects 1.1 INTRODUCTION The Central government took the initiative to promote the start up organizations by way of relaxing certain regulatory requirements, providing tax exemptions. The objective of this initiate is to promote the upcoming entrepreneurs who are mainly in transition stage of converting their research thoughts into business model.
No TCS on services despite value exceeding Rs. 2 Lakh The Hon’ble Finance Minister Shri Arun Jaitley has brought amendment in Section 206C of the Income Tax Act, 1961 in order to reduce the quantum of cash transaction in sale of any goods and services and for curbing the flow of unaccounted money in the […]
Excise Duty on Jewellery Amrit DalmiaIn this year’s Budget, a nominal excise duty of 1% [without CENVAT Credit on Capital Goods and Inputs] and 12.5% [with CENVAT Credit on Capital Goods and Inputs] has been imposed on articles of jewellery [excluding silver jewellery, other than studded with diamonds or other precious stones] w.e.f March 01, […]