PAGE NO. 1] WORKSHOP ON VAT & SERVICES TAX IN WORKS CONTRACT ON 19TH FEBRUARY, 2016 4 2] COMPLIANCE CALENDAR 5
GOODS & SERVICE TAX (GST) – REPORT OF SUB COMMITTEE – II ON MODEL GST ACT, 2016 – LEVY & COLLECTION OF TAX: RECOVERY OF TAX NOT PAID/SHORT PAID/ERRONEOUSLY REFUNDED 6 4] CENTRAL TAXES a) SERVICE TAX 7 Case Law Valuation of the construction service provided by a builder to a landowner, who transfers his land/development rights to builder Case Law No penalty is attracted on delayed payment of service tax for the reason bank refused to take deposit in absence of PAN based registration number. b) CENTRAL EXCISE 8 Notification/Circular Increase in the Basic Excise Duty rates on Petrol and Diesel to Rs. 9.66/lit and Rs. 12.19/lit respectively
Case Law Duty liability arises and commences from the date of the order of determination and not from the date of the actual liability especially when an order of determination always dates back to the actual date of liability c) CUSTOMS 9 Notification/Circular Increase in the rate of basic customs duty on certain specified medical device from 5% to 7.5%. Also, these medical will now attract 4% SAD.
Notification/Circular Fixation of T V of Edible oil, Brass, Poppy seed, Areca nut, gold and Sliver Notification/Circular Krishnapatnam Sea port in Nellore, Andhra Pradesh to be the 19th sea port with facility of 24×7 Customs clearance for specified imports
Notification/Circular Levy of definitive countervailing duty on import of Castings for wind-operated electricity generators exported from China
d) INCOME TAX 10 Notification/Circular Amending Protocol in the Agreement between the Republic of India and the Government of the Republic of Belarus effective from 19.11.2015
Notification/Circular Amendment in Rule 17 relating to exercise of options u/s 11 of Income-tax Act, 1961; two new forms inserted : Form 9A and Form 10
Case Law Interest paid on delayed payment of purchases is not interest within the definition of section 2(28A) of the Act, thus no TDS is required to be made.
5] STATE TAXES 11
Andhra Pradesh: e-CST Way bills to be generated electronically for commodities figured in the CST RC – e-Waybills (VAT) to be generated for sensitive commodities figured in VAT RC
Delhi: Extension in date for filing of reconciliation return for the year 2014-15 to 29.02.2016
Nagaland: Introduction of e-Road permit mandatory for non-registered dealers for other purposes than sale West Bengal: West Bengal Sales Tax Act, 1994 – Appointment of Tax Recovery Officer, West Bengal Value Added Tax Act, 2003 – Appointment of Tax Recovery Officer