Dear All,
Please find below the “Updates that Matter (UTM # 7)”,
| Ø Service Tax:- Infosys winsRs 160 Crores Service tax & Cenvat case in CESTAT – Bang. Ø Service Tax: Tulip Telecom’s MD arrested for alleged Service Tax Evasion amounting to Rs 32 Crores. (Source:- Economic Times) | Ø Tamil Nadu VAT Authorities slap 2400 Cr Notice on Nokia. Ø CL :- RBI notifies guidelines on early detection of NPAs for NBFC’s | Ø Due Date for Service tax & Excise tax payment is 31st March, 2014 for the month of March, 2014. Ø Service Tax :- Issues relating to determination of rate of service tax or value of services would be appealable only before SC (Hon’ble Delhi HC) |
- a)Service Tax: – Infosys has recently won a major case in CESTAT Bangalore the worth of which is approximately Rs 160 Crores. The issues involved Liability to pay service tax in respect of information technology software services received from overseas sub-contractors to overseas branches of the appellant
- b)Service Tax: A case was been registered against Tulip Telecom Ltd for non-payment of service tax, official sources said. Investigations by Delhi Service Tax Commissionerate found that the firm, which is engaged in providing Internet services among others, was not filing its mandatory returns of the central levy from 2012-13, they said.
The estimated alleged service tax evasion by the company is Rs 32.16 Crore, they said.
- c)VAT: – Tamil Nadu VAT Authorities slap a 2400 Cr Notice on Nokia for alleged ineligible claim of exemption against export of Goods. Tamil Nadu tax authority is now claiming that devices made in Chennai were not exported and were instead sold domestically in India
- d)CL: – RBI Notified guidelines for early recognition of financial distress, prompt steps for resolution and fair recovery for lenders: framework for revitalising distressed assets in the economy
http://rbidocs.rbi.org.in/rdocs/notification/PDFs/DNBSF21032014.pdf
- e)Service Tax & Central Excise: The Due dates for payment of service tax and Central Excise for the Month of March, 2014 shall be 31st March, 2014.
- f)Service Tax: – Hon’ble Delhi High Court has held that, where order under challenge involves any issue relating to: (a) rate of service tax, or (b) classification, or (c) value of services, or (d) chargeability of activity under charging service tax, appeal would lie only before Supreme Court and no appeal in that matter lies before High Court.
Commissioner of Service Tax v. Ernst & Young Pvt. Ltd. And Others {2014 (2) TMI 1133 – DELHI HIGH COURT}
Regards,
CA.Ankit Gulgulia (Jain)|B.COM(H), C.A, C.IFRS, C.B.V
Direct|+9811653975 |011-27356431|011-23642055|
Email| ankit@gravita.in
Indirect taxation | Transfer Pricing | Corporate Laws | Litigation | Assurance
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