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Indirect Tax Professionals
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Wishing all  a very happy new year 2015.
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As per Section 66D of Finance Act’ 1994 which deals with Negative List, Selling of space or time slots for advertisements other than advertisements broadcast by radio or television is outside the scope of service tax;

That means prior to the amendment only advertisement in radio or television was taxable.

However, this has now been amended from the date to be notified by CG.

Thank God Social Media post is free
Post amendment, all types of advertisement other than in print media is taxable. Thus, All types of advertisements in internet websites, out-of-home media, on film screen in theatres, bill boards, conveyances, buildings, cell phones, Automated Teller Machines, tickets, commercial publications, aerial advertising, etc are now in the scope of service tax.

For detailed newsletter on Budget‘ 2014, log on to our website www.indirecttaxprofessionals.com
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Never Rent-a-Cab

As per Section 66D of Finance Act’ 1994 which deals with Negative List, the service of transportation of passengers, inter alia, by metered cabs, radio taxis or auto rickshaws were covered in the negative list;

However, this provision has been amendment by Finance Bill’ 2014. As per the amendment, the service of transportation of passengers by radio taxi has been made taxable. Thus, metered cab is not taxable but radio taxi is taxable.

All the other provisions shall apply accordingly viz:- 
 This is covered under partial reverse charge with the amendment of 50:50 portion to be payable by service provider and service recipient respectively. (Pre amendment it was 60:40)
 The abatement of 60% as applicable to motor vehicle is also available.

These amendments are applicable from the date to be notified by CG after the enactment of Finance Bill ‘2014.

For detailed newsletter on Budget‘ 2014, log on to our website www.indirecttaxprofessionals.com
Indirect Tax professionals
Indirect Tax professionals
indirecttaxprofessionals.com
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Achehe din aa gae “Draconian Rule 8(3A) removed – A big relief to Manufacturers”

As per Rule 8 of Central Excise Rules, 2002, if the duty is not paid within 1 month, then the following consequences follow:- - Cenvat Credit shall not be allowed to be utilized
- Duty is to paid on each removal
- Consequences and Penalties as provided in Central Excise Rules’ 2002 shall also follow.

This provision was considered to be a nightmare for all the manufacturers and created a massive harassment by central excise department.

Now this provision has been removed by Notification No 19/2014 applicable w.e.f. 11th July’ 2014. The new provision speaks as follows:- 

“If the assessee fails to pay the duty declared as payable by him in the return within a period of 1 month from the due date, then 
- The assessee is liable to pay the penalty @ 1% on such amount of the duty not paid, for each month or part thereof 
- Calculated from the due date, for the period during which such failure continues.”

This is a major relief to the industry.

For detailed newsletter on Budget‘ 2014, log on to our website www.indirecttaxprofessionals.com
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