Controversy – Service Tax on Copyrights

[By Shaleen Shah (Partner), VNCA]
The Finance Act, 2010 has amongst other amendments, proposed following new service on Copyrights w.e.f. 1-Jul-2010:
The existing taxable service ‘Intellectual Property Right (IPR)’ excludes copyright from its scope. The service of transferring temporarily or permitting the use or enjoyment of Copyrights on (a) cinematographic films and (b) sound recording are now [...]

Service Tax Amendments – The Finance Act, 2010

[By Shaleen Shah (Partner), VNCA]

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Budget-2010 proposed several amendments under Service Tax. The Finance Bill, 2010 presented on 26-Feb-2010 was enacted & received the assent of the President on 8-May-2010. Post Budget, several notifications were issued to effect certain budget proposals. In a further Notification No. 24/2010-ST dtd. 22-Jun-2010, the Government has notified 1-Jul-2010 [...]

Finance Commission Report on GST flawless

Finance Commission Report on GST flawless

Goods and service tax in Gujarat not before April 2011

Goods and service tax (GST) in Gujarat not before April 2011

Highlights of Foreign Trade Policy 2009-14

Higher Support for Market and Product Diversification
1. Incentive schemes under Chapter 3 have been expanded by way of addition of new products and markets.
2. 26 new markets have been added under Focus Market Scheme (FMS).
3. Incentive available under FMS raised from 2.5% to 3%.
4. Incentive available under Focus Product Scheme (FPS) raised from 1.25% to [...]

Finance (No. 2) Bill, 2009 – Changes in Service Tax

The Finance (No.2) Bill, 2009 (the Bill) has proposed to make certain changes in Chapter V of the Finance Act, 1994 (the Act), the law governing service tax, some of which are effective on the enactment of the Bill and some thereafter from a date to be notified. In addition to the above, the Central [...]

Pre-Budget `09 Whispers

When the FM presents his full Budget on 6th July `09, his priorities will be clear –

Bridge the fiscal deficit
Garner funding for infrastructure
Put economy back on high growth trajectory
Promote Equitable Growth
Inflation - Even as WPI falls, consumer price index is very high
Need for simplified, revised income-tax regulations

Here is a [...]

Can contract for services be bifurcated to decide tax jurisdiction?

The issue of taxability of offshore services was settled by the Supreme Court in case of Ishikawa (288 ITR 408) wherein it was observed that there are two conditions which are required to be met in order to bring the income from services in the tax net in India. The two conditions both of which [...]

Service tax on commercial rentals to go

In a major respite for retailers and businesses, the Delhi high court has struck down levy of service tax on renting of immovable property as "unconstitutional".
The Delhi HC decision came on April 18, 2009, in a combined order while deciding on 26 writ petitions filed by petitioners from across the country, including retail chains, [...]

Commerce department backs tax exemption for SEZ services

The finance ministry should exempt companies in special economic zones (SEZ) from paying tax on the services they consume instead of making them seek refunds, according to the commerce department. Earlier this month, the finance ministry had notified that instead of being exempt, companies within SEZs would have to claim refunds for the tax they [...]