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Budget IX - Legislative changes

Service Tax - By: - CA Akash Phophalia - Dated:- 16-3-2015 - BUDGET - IX (LEGISLATIVE changes) Introductory Explanations Negative List Entry removed admission to entertainment event or access to .....

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ture of alcoholic liquor for human consumption. Similar change made in exemption notification also. Earlier support services provided by government to business entities were taxable now the same is amended to provide that all the services provide .....

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Finance Bill 2015. Definition of Government In order to end interpretational issues the word Government is defined as Government means the Departments of the Central Government, a State Government and its Departments .....

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5B(26A) Section 65B (44) The activity of foreman of chit fund for conducting or organizing a chit specifically excluded from the definition of transaction in money or actionable claim so as to make it liable to service tax .....

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liable for service tax. Expansion of Central Government s rule making power for valuation. Section 73 (1B) Service tax determined on self assessment but not paid is recoverable without issuance of SCN .....

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Penalty for failure to pay Service tax without an intent to evade tax Existing Penalty Not less than 100/- per day during which default continues or 1% of the service tax per month, whichever is hig .....

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lty - 25% of penalty imposed under order u/s 73(2), if the service tax, interest and such reduced penalty is paid within 30 days of receipt of the order. Section 78 Penalty for non-payment of t .....

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25% of tax, where, the tax, interest and penalty of 25% of the tax is paid within 30 days (90 days in case of assesses having value of taxable services less than 60lacs) from the date of receipt of order. 50% of tax in all other .....

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