Blogs

Understanding of “Economic / Business  Activity”  and “Consideration” in Service Tax  

The provision for Service Tax levy - Section 66B specifies that the value of services provided or agreed to be provided in taxable territory for consideration would be liable. The definition of “service” states that any activity for a consideration from one person to another…  

The Negative List based taxation from 1.7.12 has substantially expanded the coverage under service...

There are several professionals working in the Industry in India.  They are engaged in accountancy, finance, costing work in commerce, industry, financial services, education, and the public and not-forprofit sectors. They are ensuring that organizations, whether partnerships, companies or not for profit entities are more successful and sustainable. Professional accountants in business form a very diverse constituency, and can be found working as employees, consultants, and self-employed...

Study Tips and Examination Techniques:  

The taxation paper is one of the best scoring paper in the IPCC exam. This can help to make good the shortage of marks in other papers or to get exemption which can assist in the next attempt. Recently more importance has been given to taxation paper; taxation includes income tax, indirect taxes. Earlier in indirect taxes only service tax and VAT has been included and from November 2014 concept of central excise, customs and CST basics are...

Concept of audit    

‘Departmental audit’ – These two words create lot of panic in the minds of assessee. The assessee should note that there would be no need to panic when the legal compliances have been taken care properly. If the assessee is well aware of provisions of the law along with good internal control systems in place, he can face the audit with lot of confidence. He should also be aware of areas which would be covered by the department in the audit. The...

The K-VAT Act 2003 [ Implemented in 2005- 2007] brought about a welcome change to avoid the cascading effect of multipoint levy and made the taxes borne at each stage reasonable, bearable and less. However as a normal dealer [other than a manufacturer]  be adding value to the extent of 10-20 percent , the ITC could be 5 times the tax paid, therefore amount  be substantially more.  

For readers from other States this article may only be indicative and the provisions may vary and...