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  • 15 november

    Extension of the Company Law Settlement Scheme (CLSS 2014) upto 15th November, 2014.

    Extension of the Company Law Settlement Scheme (CLSS 2014) upto 15th November, 2014. Those who have not till date updated their ROC records are requested to take benefit of this scheme to avoid penal provisions and late filing fees.

  • 1st October

    Changes in Service Tax effective from 1st October 2014:

    1. New interest rates on delayed payments under Section 75 of the Finance Act, 1994, which would vary as per the extent of delay has been prescribed as under:

    Extent of delay - Simple interest rate per annum

    Up to six months - 18%

    More than six months and up to one year - 18% for first six months and 24% for the period of delay beyond six months.

    More than one year - 18% for first six months, 24% for second six months and 30% for the period of delay beyond one year

    2. E-payment of Service tax has been made mandatory for all tax payers irrespective of the tax liability.

    3. In Rule 2A (ii) of the Service Tax (Determination of Value) Rules, 2006, Category ‘B’ (70%) and ‘C’ (60%) of Works Contract has been merged into one single category, with percentage of service portion as 70%, for the charge-ability of Service tax.

    4. The Point of Taxation in respect of Reverse Charge under the first Proviso to Rule 7 of the POT Rules has been amended to 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. The said amendment will apply only to invoices issued after October 1, 2014.

    5. In case of Renting of motor vehicle where the service provider does not take abatement, the portion of Service tax payable by the service provider and service receiver has been modified as 50%.

    6. Service provided by radio-taxis brought under the Service tax. The abatement of 60% presently available in terms of Notification No. 26/2012-ST Dated 20-6-2014, duly amended by Notification No. 8/2014-ST Dated 11-7-2014, to rent-a-cab service would also be made available to radio taxi service, to bring them on par.

    7. Sale of space or time for advertisements in broadcast media, namely radio or television, extended to cover such sales on other segments like online and mobile advertising, etc. Sale of space for advertisements in print media however would remain excluded from Service tax.