Home Highlights March 2015 Year 2015 This

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1. Levy of Surcharge and cess - to be computed over the rate of tax as per DTAA or not - Article 12 read with Article 2 of the tax treaty makes it clear that the rate of...

2. Levy of penalty u/s. 221 - default the payment of TDS to the government - assessee in default - the Assessing Officer levied penalty at very exorbitant rate that 5% pm...

3. IGST Rate Schedule u/s 5(1) - notifying rates of IGST @ 5%, 12%, 18%, 28%, 3% and 0.25% - As amended by notification dated 18-8-2017

4. SEZ unit - Levy property tax at “industrial rates” instead of “Commercial Rates” - The charging provision is under Section 87 of the 1994 Act which rather permits levy...

5. Amendment of section 194EE. - TDS - any payment in respect of deposits under National Savings Scheme, etc., shall be liable for tax deduction at the rate of twenty per...

6. Amendment of section 194DA. - TDS - any person responsible for paying to a resident any sum under a life insurance policy, including the sum allocated by way of bonus...

7. Levy of purchase tax payable - purchase of turmeric - Section 12 (2) of the Tamil Nadu Value Added Tax, 2006 - There was a paradigms shift from TNGST Act, 1959 when...

8. Classification of goods - rate of GST - sale of solar energy products as Solar Water pumping system as a whole - the supply of solar energy based bore well water pumping...

9. Concessional rates of GST / IGST on specified handicraft items (5% or 12%) - New Notification no. 22/2018 -Integrated Tax (Rate)

10. Charge of tax and surcharge - THE INCOME DECLARATION SCHEME, 2016 - tax of thirty per cent. on the undisclosed income declared in the scheme, a surcharge at the rate of...

11. Classification of goods - rate of GST - Quartz powder obtained by crushing Quartz stones falls under HSN code 2806 and would attract 5% rate of tax under GST (2.5% CGST...

12. Rates of Tax on Goods - Schedule 2 - IGST @ 12% - CGST @ 6% -SGST / UTGST @ 6% - GST

13. Rates of Tax on Goods - Schedule 1 - IGST @ 5% - CGST @ 2.5% - SGST / UTGST @ 2.5% - GST

14. Rate of service tax increased from 10% to 12%

15. Classification of goods - rate of GST - HSN Code - manufacturing of Industrial Safety belt and Harness - The item industrial safety belt manufactured by the applicant...