Alert No 20100417A : Saturday, April 17, 2010
Latest Amendments and Recent News Views & Stories
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News Views & Stories:
Pranab's balancing act: Service tax simplified to tap the ULIP
Finance minister lends a friendly hand to the ULIP and milks more service tax revenue from other
In this age of liberalisation and global policies, the role of the regularity authorities becomes far more crucial. Unit Link Insurance Policy- ULIP is a product of liberal policies of the government and came into play in the 1960s. It is popular in many countries around the globe. The reason that is attributed to the widespread popularity of ULIP is its transparency and the flexibility, it offers.......more
Recent Important Judgements:
Penalty: Authorised Service Station: The failure to pay Service Tax on the part of the respondents was occasioned by its ignorance of law on the liability and not due to intention to evade any payment of service tax. This finding has not been successfully challenged. In the circumstances, there is no case for imposing any penalty. Appeal filed by the Revenue is rejected.
Input Service: Outdoor Catering Service: The outdoor catering service towards which Service Tax is paid and involved in maintaining canteen in the factory is input service.
Import of Service: Section 66A: Before enactment of Section 66A there was no authority vested by law to levy Service Tax on a person who is resident in India, but who receives services outside India. The law is now settled as regards Service Tax liability on recipient of services, will not be prior to 18.04.2006.
Import of Services: Section 66A: Recipient in India, for service received from abroad are liable to pay Service Tax only from 18.04.2006 after enactment of Section 66A. Revenue's Appeal Rejected.
Consulting Engineer: Penalty: The appellant was regularly paying Service Tax and suddenly discontinued the same and he did not take any remedial action or he did not even inform the department. Under these circumstances, penalty under Section 76 and Section 77 have to be imposed. Appeal filed by assessee rejected.
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