Hirawat A & Associates, Chartered Accountants

Lakshay Ek Sunhara Bhavishya... A Grand Career Fair

Effective Service Tax Rates for various services W.e.f. 01.06.2015

Normal - 14 %
GTA Transports - 4.2 %
Builder-Residentail - 3.5 %
Builder-Commercial - 4.2 %
Civil Contractor with Material - 5.6%
Er****on/ elctr wth Material - 5.6%
Repair Maint. of Bldg or goods - 9.8 %
Lodging - 8.4 %
Restaurant - 5.6 %
Catring - 8.4 %
Hall wth Catering - 9.8 %
Vehicle Rent - 5.6%

Increase Service tax of 14% to be applicable from June 1

SEBI plans to widen definition of insider in insider norms and to reduce timeline to complete delisting process

The Centralized Processing Cell (TDS), in its endeavour to enforce TDS Compliance, is shortly mandating closure of “Short Payment defaults” in the quarterly TDS statements due to Unmatched Challans, before the Conso files can be downloaded from TRACES for the relevant statements

A manufacturer or a service provider shall take credit on inputs and input services within a period of six months from the date of issue of invoice, bill or challan w.e.f. 1st September,2014

Point of Taxation in case of payment of service tax reverse charge basis : will be the payment date or the first day that occurs immediately after a period of three months from the date of
invoice, whichever is earlier. This amendment will apply only to invoices issued after 1st October, 2014.

No Disallowance under section 14A If Own Funds Exceed Borrowed Funds - Bombay High Court in CIT v. HDFC Bank Ltd.