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Budget 15-16 proposals: Amendments in sections 73, 76 and 78 (all related to penalty)Budget 15-16 proposals: Insertion of transition provision by way of section 78BBudget 15-16 proposals: Omitting section 80 (provided for waiver of penalty)Extending the scope of advance rulings to resident firms, with immediate effect (from 1.3.2015)Amendment in reverse charge mechanism, with immediate effect (from 1.4.2015)To prescribe full reverse charge on manpower supply and security service provided by individual, HUF, partnership firm to a body corporate, with immediate effect (from 1.4.2015)Prescribing reverse charge on service provided by a mutual fund agent, mutual fund distributor and agents of lottery distributor, with immediate effect (from 1.4.2015)Amendments in section 86 (remedy against the order passed by commissioner (Appeals) in a matter involving rebate of service tax shall lie in terms of section 35 EE of the Central Excise Act)Amendments in the provisions relating to Settlement CommissionShifting the liability of payment of service tax on aggregator of a service where service is provided under the brand name of the aggregator, with immediate effect (from 1.3.2015)Amendments in rules 4 (prescribing documentation, time limit and procedure for registration)Registration for single premises shall be granted within two days of filing the applicationProvisions for issuing digitally signed invoices and maintaining of records in electronic form added in rules 4A and 5 of the Service Tax Rules, 1994, with immediate effect (from 1.3.2015)The period for taking Cenvat Credit is being extended from six months from the date of invoice to one year from the date of invoice.Cenvat Credit allowed on input and capital goods received directly by job workers. ‘Export goods’ and ‘Exempt goods’ defined. New exemptions for,- (a) Precondition, pre-cooling, ripening, waxing, retail packing, labeling of fruits and vegetables (b) Service by a Common Effluent Treatment Plant operator (c) Varistha Bima Yojana (d) Ambulance services (e) Admission to a museum, zoo, national park, wild life sanctuary, and a tiger reserve (f) Service provided by exhibitor of movie to a distributor or an AOP consisting of exhibitor as one of its member (g)Transport of export goods by road from the place of removal to a laChange in abatement rates and conditions thereof for transport of passengers and goods by train; transport of goods by road by a GTA; transport of goods by vessels; executive/business class travel by air; and withdrawal of abatement on services provided in relation to chit, with immediate effect (from 1.4.2015) Amendment in reverse charge mechanism, with immediate effect (from 1.4.2015) To prescribe full reverse charge on manpower supply and security service provided by individual, HUF, partnership firm to a body corporate, with immediate effect (from 1.4.2015) Prescribing reverse charge on service provided by a mutual fund agent, mutual fund distributor and agents of lottery distributor, with immediate effect (from 1.4.2015)Amendment in rule 4(7) of the Cenvat Credit Rules to allow credit of service tax paid by recipient of service in partial reverse charge immediately on payment of tax ,with immediate effect (from 1.4.2015)Service Tax to be levied on service by way of access to amusement facility (amusement parks, water parks , theme parks etc)Service Tax rate is increased from 12.36% to 14%. New rate shall come into effect after the enactment of the Finance Bill, 2015. Notification No. 42/2012-ST is being rescindedSwachh Bharat Cess- Govt. to impose cess on all or any taxable service at the rate of 2% of the value of taxable serviceWe are committed to implementing a state of the art indirect tax system, the Goods and Services Tax, from April 1, 2016 - Finance MinisterNow issuing of Digital Invoices recognised in Service Tax.The term “government” defined Section 65B(26A)Section 80 providing waiver from penalty is proposed to be omitted.
27 August, 2011 Ahmedabad :

Implementation of a nationwide goods and services tax (GST) in 2012-13 suddenly seems possible, with the assertion of the chairman of the empowered committee of state finance ministers, Sushil Modi, to work towards meeting the April 2012 deadline. A senior finance ministry official told Business Standard, “It’s difficult but not impossible.” This is a complete change of track, as the GST missing the April 2012 deadline appeared to be a foregone conclusion in the ministry before Modi’s statement last week. The official said if there was a consensus, the whole process of bringing in a legislative framework for the GST implementation could be completed before April next year. Explaining the possible road map, he said, “The GST Constitutional Amendment Bill is with the standing committee. If we get the recommendations of the committee in the winter session of Parliament, we can pass the Bill in the same session.” After this, both the Centre and states can concretise their GST Bills in due course. “We will then move the Central GST Bill in the Budget Session of Parliament and get it passed. Simultaneously, all the 28 states can also introduce their State GST Bills in assemblies and get these passed,” he said. The official agreed completing all the legislative processes before April next year would be difficult technically, but as things stood now, if there was a consensus among political parties and states, implementing GST from April 1, 2012, was certainly possible. S D Majumder, chairman of the Central Board of Excise and Customs, said, “We are getting ready with the back-end work. The back-end work on both business processes and information technology infrastructure is going on full swing.” The advantage with the introduction of GST is that unlike the direct taxes code, GST can be implemented any time during the financial year. “Even if we miss the April deadline, we need not wait for April 2013. As GST is a transaction-based tax, it can be implemented any time,” said the official. After the empowered committee’s meeting on last Friday, Modi had said he was optimistic about meeting the GST implementation deadline the way things were going, if all the parties concerned co-operated. Modi, who is also the deputy chief minister and finance minister of Bihar, had said the Centre would have to be flexible and address concerns raised by states for meeting the deadline. The proposed GST framework will subsume Central and state taxes like excise, customs, service tax, sales tax and value-added tax. The main concern of the Opposition-ruled states is the new tax regime would erode their autonomy to levy taxes. The Bharatiya Janata Party-ruled states like Madhya Pradesh, Gujarat, Himachal Pradesh and Chhattisgarh have so far opposed the GST.

Courtesy: business-standard.com
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