absence of any mechanism to levy service tax on the amount that has the aspect of both regulatory fees and compensatory fees under the Finance Act 1994 (Finance Act), service tax cannot be levied, as royalty has a dominant element of regulatory fees. Facts of the case • M/s. Oil and Natural Gas Corporation (the appellant) is engaged in the
اقرأ المزيد
The Service Tax was introduced in India around 21 years back on July 1, 1994 at the recommendations of Dr. Raja Chelliah Committee on tax reforms. ... 1994 (as introduced by the Finance Act, 2012 w.e.f. 01.07.2012) defines the word 'Service' as under: "Service means any activity carried out by a person for another for consideration and ...
اقرأ المزيد
Application of service tax to the Mining Sector Need . service tax paid on services acquired for use as inputs to mining. The non-deductible input taxes get embedded in the cost of the mineral supply, resulting in tax PwC Corporate income taxes, mining royalties and other mining taxes—2012 update3. as "ring fencing".
اقرأ المزيد
The statutory provision of Service Tax law define a 'local authority' under section 65B (31) of the Act and a 'governmental authority' under Notification No. 25/2012-ST dated 20.06.2012. The term 'government' was never defined in Service Tax provisions prior to Finance Bill, 2015.
اقرأ المزيد
4. With effect from 01.06.2007 (i.e. after the introduction of service of „ mining of minerals, oil or gas‟ under the ambit of service tax), the appellant obtained service tax registration and started paying the applicable service tax on the invoices raised for the services of mining provided by it. There is no dispute on this aspect in the ...
اقرأ المزيد
Commissioner o f Central Excise a n d Service Tax (21.08. 2019 – CESTAT – Delhi): MANU / CE / 0 269 / 2019 has held as under: – In the circumstances, we find that there is no element of service involved in the transaction, undertaken by the appellant while acquiring the land and transferring the same to the JV company, for setting up ...
اقرأ المزيد
Royalty Income Tax Rates. Oil & gas mineral royalties are treated as ordinary income and are taxed at your marginal (highest) tax rate. The income is in addition to your hard earned pay checks, so prepare to pay a larger percentage than you pay out of your monthly salary. For 2012, a single person will pay taxes at rates of: 10% for income $0-8,700
اقرأ المزيد
Services Tax Act and Service Tax Rules together with the Finance Act, 2016 has provided an increase in service tax from 12.36% to 14%. This revised service tax rate would comprise of Education Cess and Secondary and Higher Education Cess. At Taxguru, we provide all the latest service tax notifications and service tax circulars.
اقرأ المزيد
Service Tax is, as the name suggest, a tax on services. It is an indirect tax, akin to excise duty and sales tax, where the incidence of tax is passed on to the consumer. It is significantly different from excise duty and sales tax, where the tax is levied on goods, which are tangible. The taxable event for levy of service tax is the rendering ...
اقرأ المزيد
Mining Service- Applicability of Service Tax on activities undertaken in mining sector before 1-6-2007 – Vide appropriate entry in the Finance Act, 2007,'service …
اقرأ المزيد
The tribunal held that the activities carried out by the appellant w.e.f. 01.06.2007 would fall under mining service made taxable w.e.f. 01.06.2007 under …
اقرأ المزيد
As a side note this is an amazing tax benefit available to mineral and royalty owners and investors. Percentage depletion is generally calculated by multiplying your gross income from oil and gas royalties by 15%. In other words, you get to deduct 15% from your current royalty income with this provision in the IRS tax code.
اقرأ المزيد
Sir, With effect from 1.4.2015, all the civil works such as govt. Building and repairs to govt. Building is taxable services. If the principal contractor engages sub contractor and sub contractor charges service tax on 40% valvue, than credit for service tax charged by sub contractoris available under cenvat credit rules?
اقرأ المزيد
Introduction: At the time of introduction of negative list-based taxation under service tax law effective from 01.07.2012, only selected services provided by Government are subject to service tax and the rest are covered under …
اقرأ المزيد
As per the provision in the notification the service tax under reverse charge on supply of manpower for any purpose or security service was paid partially by the service provider and service receiver in the ratio of 25:75 respectively up to 31 st March, 2015. The proportion of service tax liability paid in the ratio of 25% and 75% has been ...
اقرأ المزيد
Credit should be taken only on that quantity of input /input services which are used for the service on which Service Tax is payable. (Ref. Rule 6 of Cenvat Credit Rules, 2004). 11.2 If separate accounts are not maintained, the provider of output service shall pay an amount equal to 6% percent of value of exempted services or pay an amount ...
اقرأ المزيد
In 'survey and map-making' services under this category, all such surveys, prospecting and map-making services will get covered which are not covered under definition in Section 65 (104a). Service in relation to goods etc. other than mineral, oil and gas will be covered for service tax purpose under this category. In CCE & C, …
اقرأ المزيد
In the course of audit conducted by the officers of Central Excise, Jaipur, it was observed that the assessee had been recipient of services falling under the category of GTA and paying the service tax as per provisions of Rule 2(1)(d)(v) of the Service Tax Rules, 1994, however, the assessee while determining the tax liability escaped the ...
اقرأ المزيد
Central Board of Excise and Customs (CBEC) is a part of the Department of Revenue under the Ministry of Finance, Government of India. It deals with the tasks of formulation of policy concerning levy and collection of Customs & Central Excise duties and Service Tax, prevention of smuggling and administration of matters relating to Customs, Central …
اقرأ المزيد
Further, by Notification No. 16/2017-ST, Clause (EEC) of Rule 2 (1) (d) of the Service Tax Rules has been substituted, and there also the importer as defined under Section 2 (26) of the Customs Act is made liable to pay service tax on ocean freight in cases like CIF transactions. A new Sub Rule i.e. Sub Rule (7CA) has also been inserted …
اقرأ المزيد
Texas Mineral Rights. TennisDaze May 3, 2020, 10:11pm 1. Texas counties are about to send out the 2020 property valuations for producing minerals and wells. Valuations are based on average prices in 2019, production volumes, decline curves and estimated well life on January 1, 2020. Generally the taxes due have been around 3% of …
اقرأ المزيد
absence of any mechanism to levy service tax on the amount that has the aspect of both regulatory fees and compensatory fees under the Finance Act 1994 (Finance Act), …
اقرأ المزيد
Steel Authority of India & Ors., (2011) 4 SCC 450. The judgment of the Nine Judge Bench is still awaited. Today the department is issuing SCN on the ground that the mining royalty is paid for service provided by the Govt.. If the Nine Judge Bench holds that mining royalty is tax and not fee for any service, the entire demand shall go.
اقرأ المزيد
The Service Tax Regulations to affect the expansion of services subject to service tax were gazetted and are effective 26 February 2024. For prior coverage, read TaxNewsFlash. Read the February 2024 report [PDF 759 KB] prepared by the KPMG member firm in Malaysia. The KPMG name and logo are trademarks used under license …
اقرأ المزيد
In this article, we will provide a comprehensive list of services that are fully exempt from service tax under Notification No. 25/2012, dated 20.06.2012. Understanding the exemptions and their implications is essential for businesses and individuals alike. EXEMPTION AS PER NOTIFICATION NO. 25/2012- SERVICE TAX DATED 20.06.2012
اقرأ المزيد
The taxability of royalty paid on mining operations is an old issue continuing from the Service tax regime to GST regime. The intelligence officers of DGGSTI, have gathered …
اقرأ المزيد
Restaurant service – An exemption @ 70% of the gross value i.e. the total price charged by the restaurant has been given by amending the Notification /2006-ST, dated 01/03/2006 vide Notification No. 34/2011 -ST, dated 25/04/2011. The exemption is available provided no Cenvat credit is availed either of inputs or inputs services.
اقرأ المزيد
The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. You can't apply any excess credit to future tax years. Credit amount. The amount of the credit depends on when you placed the vehicle in service (took delivery), regardless of purchase date. For vehicles placed in service January 1 to April 17, 2023:
اقرأ المزيد
The Allahabad High Court bench of Justice Surya Prakash Kesarwani & Justice Jayant Banerji has held that the petitioner has granted interim order in terms of the aforequoted interim order passed in the case of M/S Silverline Automobiles (supra). Until further orders, payment of GST for grant of mining lease/royalty by the petitioner & the demand notices …
اقرأ المزيد
