Services eligible for Partial or Full Reverse Charge under Service Tax

In the following three services, both the service provider i.e. Individual or HUF or Proprietary or Partnership firm or AOP or LLP and the service receiver i.e. Body Corporate are liable to pay service tax to the extent of % as are mentioned in their respective column

Sl.   No Description   of Service Service   Recipient (Body Corporate) Service   Provider (Individual, Firm, LLP)

 

 

Hiring of Motor vehicles designed to carry   passenger(a)with abatement

(b)without abatement

 

100%

40%

 

NIL

60%

2 Supply of manpower for any purpose 75% 25%
3 Works contract service 50% 50%

 

Applicability of new reverse charge mechanism on various services is mentioned in the table below:-

Description   of a service Service   provider Service   receiver % of  service   tax payable by service provider %   of service tax payable by service receiver
Insurance   Servicesin respect of services  provided   or agreed to be provided  by an insurance agent to any person   carrying on insurance business Insurance agent Business man carrying on insurance business Nil 100
GTAin respect of   services  provided or agreed to be provided  by a goods   transport agency in respect of transportation  of goods by   road Goods transport agency Consignor or Consignee is specified person Nil 100
Sponsorshipin respect of   services  provided or agreed to be provided  by way of   sponsorship Any person Body corporate or partnership firm Nil 100
Arbitral   Tribunalin respect of   services  provided or agreed to be provided  by an   arbitral tribunal Arbitral tribunal Business entity Nil 100
Advocate   Servicesin respect of   services  provided or agreed to be provided  by   individual advocate Individual advocate Business entity Nil 100
Support   Servicein respect of   services  provided or agreed to be provided  by way of   support service by Government or local authority Government Business entity Nil 100
Service provided fromNon-Taxable TerritorytoTaxableTerritory  in respect of any taxable services provided or agreed to be   provided  by any person who is located in a non-taxable territory   and received by any person located in the taxable territory Any person Any person Nil 100

Source : http://www.cbec.gov.in/ub1213/st15-2012.htm

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Deadline extended for ROC return in XBRL format

ROC return deadline extended

Deadline for XBRL ROC return extended

The due date for filing the financial statements Balance Sheet and Profit & Loss account in XBRL format, for the Financial Year commencing from 1st April 2011 is extended upto 15th December 2012 or within 30 days from the date of Annual General Meeting of the company whichever is later.

Ministry of Corporate Affairs ( http://www.mca.gov.in/ ) issued a Circular No. 34/2012 stating the same dated 25th October 2012.

The earlier deadline was

  • Company holding AGM or whose due date for holding AGM is on or before 20.09.2012, the time limit was 03.11.2012 or due date of filing, which ever is later.
  • Company holding AGM or whose due date for holding AGM is on or after 21.09.2012, the time limit was 22.11.2012 or due date of filing, which ever is later.