“Penalty provisions under Service Tax: Stringent or Simplified”

The Service sector being the dominant sector contributes to over 60% of India’s GDP presently. Commensurate to this, there is an increase in expansion of taxability of services with the advent of Negative List under the Service Tax regime. In tantamount to this, penalty provisions under service tax have been revamped to ensure non-discriminatory form Read More

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GST: Compensation scheme without cess: A Wayout

Introduction Goods and service tax, the major restructuring ofindirect tax system, is all set to come into effect from 1st April,2017. It will subsume various Central taxes like excise duty, service tax, countervailing duty, etc. and State taxes like Value-Added tax, octroi& entry tax, etc. Also, it will subsume all the cesses.The Presidenthas given his Read More

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SVB APPEAL: A LEGAL CONUNDRUM

Special Valuation Branch (hereinafter referred as SVB) has been established by the Board for investigating the exact price of importing of goods. It was brought into picture in the year 1998 and then in 2001 certain amendments were made. On 9th Feb, 2016 the board came up with a new circular amending the previous one. Read More

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Government’s efforts on strengthening and widening of tax base

Prime Minister Narendra Modi said that the taxpayer base will be doubled to 10 crore and tax collection target can be achieved without coercion. There are five pillars for this; Revenue, Accountability, Probity, Information, Digitalisation (RAPID) which will improve tax efficiency and tax administration.

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The Income Declaration Scheme 2016: An Analysis

  What is it? Income Declaration Scheme 2016 came into effect from 1 June, 2016 and will last for four months. It’s an opportunity for those who didn’t disclose income or pay taxes thereon in the past to disclose the same. The undisclosed sum can be held either in the form of assets or in Read More

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Towards Paperless Governance

Digi Locker stands for Digital Locker and is part of the Digital India Programme started by PM Narenrda Modi. It is aimed at doing away with paper documents like PAN Card, Passport, Voter ID, and Driving Licence which are required almost everywhere as identity proofs. It is a step of moving towards electronic documents.[1]

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CONVERSION OF CREDIT INTO EQUITY

The business can only start after the appropriate amount of capital. The capital can be raised through Financial Institutions and other Creditors by issuing: Equity[1] Debt[2] If companies fails to repay its debt, then the government allows it to convert their debt into equity. Both public as well as private companies are eligible for the Read More

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Order traversing beyond SCN – a detailed note under Central Excise and Service Tax

Central Excise Central Excise duty is an indirect tax that is levied on the manufacturers of goods in India. Though there is no express definition of goods when it comes to levying the Central Excise duty, thus the definition of the same has been borrowed from the Sales of goods act 1930, which includes all

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Spectrum Trading and Indirect Taxation: A Perplexed Scenario

What is Spectrum Allocation – The word spectrum is used in reference to the use of frequency bands by telecom service providers to enable communication between wireless cellular communication devices. Communication in general, happens through radio frequencies where a device accepts a frequency it recognizes and processes it for the user. The telecom spectrum uses

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Transformation of Finance Act, 2016 & its interface in service tax

Changes in Service Tax The Finance Act,2016[1] has made significant changes in Service tax and such changes have mixed impact on the Taxpayers Amendment Pertains to Point of Taxation Rules, 2011[2], (“POTR”) W.e.f, 1st Mar,2016

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