| Latest Amendments and Recent News Views & Stories Brought to you by www.servicetaxonline.com Upgrade to Paid Membership, Get Full Access | | Latest News Views and Stories | | Dilemma over whether to adjust or claim excess payment of Service tax. | | Collection and payment of Service Tax is a matter of arithmetical precision fraught with risk of errors and omissions. Many a time the person liable for such payments due to oversight ends up paying excess amount then what is required to be paid. In such a scenario the law provides two alternatives for rectification of such error. (i) He may adjust such excess payments against his future Service Tax liability (Self Adjustment) or (ii) he may claim refund of Service Tax paid. Although the law provides two alternatives, it is a known fact that recourse to refund for recovery of such excess paid tax is a difficult proposition dues to delays and hurdles created by the revenue authorities. Self-adjustment is a preferred way for adjustment of service tax paid in excess...more | | | |
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| Recent Important Judgement |
| STO 2010 CESTAT 271 | Service Tax: Business Auxiliary Services: Processing of Goods: Remand :
Liability to service tax arises only w.e.f. 16.6.2005 as the definition of "Business Auxiliary Service" did not include processing of goods at any time prior to 16.6.2005. The service tax demand is required to be re-quantified for the period post-16.6.2005 and the case is remitted only for this purpose. (para 4)...more | | |
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| STO 2010 CESTAT 272 | Penalty: Bonafide Belief: Section 80 :
Assessee were under a bonafide belief that the commission paid by them to foreign agents being related to exports, would not attract Service Tax. Their contention that they were ignorant of their liability is not rebutted as the Revenue has not established suppression on their part. Therefore, penalties under Section 76 and 78 are setting aside...more | | |
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| STO 2010 CESTAT 273 | Penalty: Section 73 (1) :
Revenue has not invoked the proviso to Section 73(1) in order to contend that penalty is imposable. This case is falling within the normal period of limitation. Therefore, question of any penalty does not arise...more | | |
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