Western India Regional Council of
The Institute of Chartered Accountants Of India

Law Update Details

 
March 2008 CA. Rajiv J. Luthia
 
IV align=justify>SYNOPSIS OF NOTIFICATIONS, CIRCULARS & LETTERS
All the following notifications are effective from 1st March,2008.
Central Government vide Notification No. 4/2008-ST dated 1st March, 2008 has inserted Rule 6(1A) in the Service Tax Rules, 1994 whereby option is granted to all assessees to pay service tax in advance and adjust the same against service tax liability for subsequent period. The assessee is required to intimate details of such payments to Superintendent within 15 days of such payment and indicate the details of advance payment & adjustment thereof in the subsequent service tax return.
Central Government vide Notification No. 4/2008-ST dated 1st March, 2008 has amended Rule 6(4B)(iii) of the Service Tax Rules, 1994 whereby the monetary limit in respect of adjustment of excess service tax paid is increased from Rs.50,000/- to Rs.1,00,000/-.
Central Government vide Notification No. 4/2008-ST dated 1st March, 2008 has amended Rule 7(B) of the Service Tax Rules, 1994 whereby the time limit for filing revised return has been increased from 60 days to 90 days.
Central Government vide Notification No. 4/2008-ST dated 1st March, 2008 has inserted 3rd proviso to 7(C) of the Service Tax Rules, 1994 whereby CEO is empowered to reduce/waive penalty (late fees) for delay in filing return where gross amount of service tax payable is NIL.
Central Government vide Notification No. 5/2008-ST dated 1st March,2008 has inserted 2nd proviso to Rule 3(1)(ii) of Export of Service Rules, 2005 whereby Maintenance or Repairs Services (65(105)(zzg)), Technical Testing Services (65(105)(zzh)) and Technical Inspection Services (65(105)(zzi) provided through internet, computer network or such other means in relation to goods, material or immovable property situated outside India at the time of provision of service shall be treated as export of services whether or not performed outside India.

Central Government vide Notification No. 6/2008-ST dated 1st March,2008 has inserted 2nd proviso to Rule 3(ii) of Taxation of Service (Provided from Outside India & Received in India) Rules, 2006 whereby Maintenance or Repairs Services (65(105)(zzg)), Technical Testing Services (65(105)(zzh)) and Technical Inspection Services (65(105)(zzi) provided through internet, computer network or such other means in relation to goods, material or immovable property situated in India at the time of provision of service shall be treated as import of service under Reverse Charge Mechanism whether or not performed in India.

Central Government vide Notification No. 7/2008-ST dated 1st March,2008 has amended Rule 3(1) of Works Contract (Composition Scheme for Payment of Service Tax) Rules, 2007 whereby the rate of service tax under composition scheme has been increased from 2% to 4%.Central Government vide Notification No. 12/2008-ST dated 1st March,2008 has amended Notification No.1/2006-ST dated 1st March,2006 whereby entry at Sr.No.6 granting abatement of 75% in respect of Goods transport Agency’s Services has been omitted.

Central Government vide Notification No. 13/2008-ST dated 1st March,2008 has granted abatement of 75% in respect of Goods transport Agency’s Services without any conditions.

Central Government vide Notification No. 14/2008-ST dated 1st March, 2008 has granted exemption to taxable services provided by a person located outside India in relation to booking of accommodation in hotel located in India for a customer located outside India. For the purpose of said Notification, Hotel is defined as “a place that provides boarding & lodging facilities to public on commercial basis.”

Central Government vide Notification No. 15/2008-ST dated 1st March,2008 has notified Service Tax (Publication of Names) Rules, 2008 wherein procedure is prescribed to publish name & other particulars in official gazette, print media, electronic media or any other mean in respect of persons who have contravened provisions/rules under Service Tax with intention to evade tax or in respect of persons who have defaulted in paying Service Tax U/s. 73A of the Finance Act, 1994.
All the following notifications are effective from 1st April,2008.

Central Government vide Notification No. 8/2008-ST dated 1st March,2008 has increased threshold limit for service providers from Rs.8 Lacs to Rs.10 Lacs.

Central Government vide Notification No. 9/2008-ST dated 1st March, 2008 has increased threshold limit for obtaining registration from Rs.7 Lacs to Rs.9 Lacs. Consequently Notification No.26/2005-ST dated 7th June,2005, Rule 3(2) of Service Tax (Registration of Special Category of Persons) Rules, 2005 & clause 4(b)(ii) of Form ST-1 are amended suitably by Notification No.10/2008-ST & 11/2008-ST both dated 1st March,2008./DIV> Benzopurpurin fledgeling nationhood mechanoreceptor internetworking lame approved complaisance impermeability burial.
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