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Service Tax - Highlights / Catch Notes

Home Highlights December 2015 Year 2015 This

Demand of service tax on advances received - services are yet to ...

Service Tax

December 24, 2015

Demand of service tax on advances received - services are yet to be provided - The advance is only an amount given as kind of earnest money and for which the appellant gives a bank guarantee to the customers of equal amount. It is more in the nature of a deposit - not liable to service tax - AT

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  1. Demand of service tax - they are liable to pay the Service Tax on the amount collected by them as an advance prior to introduction of Service Tax liability on said services - AT

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  3. Levy of service tax - forfeiture of earnest money and retention of compensation / liquidation damage for not delivery of purchased goods by the other party - declared...

  4. Denial of deduction/exemption under section 54EC - advance received in specified assets before the date of transfer of asset - the Board have decided that if the...

  5. Advance received in the nature of imprest money in the fiduciary capacity for overseas client - amount of professional advances received by the assessee accepting money...

  6. Levy of service tax - outstanding advances - the activity of the respondent is held to be in the nature of pure agent. As such, no service tax can be demanded on the...

  7. Addition towards advance received for sale of flats - accrual of income - income accrues to a builder or developer only when transaction of sale is complete and any...

  8. Valuation - inclusion of notional interest on advances received - they did not extend this cash discount to those dealers who are not making advance payment - additions...

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  10. Mobilization advances - the demand of service tax on advances received is unsustainable when asessee has paid service tax on the total value of services periodically...

 

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