CBEC introduces new scheme for speedy disbursal of pending refund claims of service exporters

ST : Rule 5 Of The Cenvat Credit Rules, 2004 - Refund Of Cenvat Credit – Speedy Disbursal Of Pending Refund Claims Of Exporters Of Services Under Rule 5 Of Said Rules

No Swachh Bharat Cess if payment for services is received prior to Nov 15, 2015; Govt. clarifies

EXCISE : Clarifications on Swachh Bharat Cess

Protest letter can be filed even before superintendent of proper officer

Excise & Customs : Where duty has been paid under protest and protest was filed before Superintendent, same is substantial compliance for purposes of extension of time-limit to seek refund; non-filing of protest before Assistant Commissioner would not be fatal

Option of alternative service-tax rate is also available in case of Swachh Bharat Cess

ST/INDIAN ACTS & RULES : Service Tax (Second Amendment) Rules, 2015 – Amendment in Rule 6

Even an oral contract is enough for invoking provisions of sec. 194C

IT : Provisions of section 194C can be invoked where aggregate of payment to a particular contractor in an assessment year exceeds Rs. 50,000 and, it is not necessary that any single payment has to be in excess of Rs. 50,000

Reverse Charge mechanism shall be applicable for purposes of Swachh Bharat Cess

ST : Section 68 of the Finance Act, 1994 - Payment of Service Tax - Notified Taxable Services under Section 68(2) – Applicability of Notification No. 30/2012-St, Dated 20-6-2012 for Purposes of Swachh Bharat Cess Mutatis Mutandis

Swachh Bharat Cess is leviable only on abated value of taxable services

ST : Section 119 of the Finance Act, 2015 - Swachh Bharat Cess - Exemption to All Taxable Services From Payment Of Such Amount Of Swachh Bharat Cess Leviable Under Section 119(2) Of Said Act, Which Is In Excess Of Swachh Bharat Cess Calculated At Rate Of 0.5 Per Cent Of Value Of Taxable Services – Amendment In Notification No.22/2015-St, Dated 6-11-2015

CBDT to set-up a 'Taxpayers' Lounge' at Pragati Maidan Trade Fair, Delhi

IT/ILT : CBDT to Set up A Taxpayers' Lounge at India International Trade Fair, 2015 to Highlight Various Taxpayer-Friendly Initiatives taken by Income-Tax Department

Exp. Incurred by hotel to renovate rooms and conference hall held as revenue exp.

IT: Expenditure incured by a hotel on renovation is revenue expenditure

Co. having huge variation in profit margin from that of assessee-co. is excludible from comparables

IT/ILT: Where there is huge variation in profit margin of comparable company from that of assessee-company, said company should be excluded from comparable list

Transfer of chemicals from tankers into drums doesn't amount to manufacturing

Excise & Customs : 'Tankers' cannot be regarded as 'bulk packs'; therefore, receiving chemicals in tankers and transferring same to drums cannot be regarded as 'repacking from bulk pack to retail packs' and hence, said activity cannot amount to manufacture