New application form for requesting a New PAN Card or changes in the
PAN data is issued.
Follow the link to get the new form in PDF.

http://www.taxmann.com/taxmannflashes/flashst10-4-12_DTL_3-ChangeForm.pdf

Dear Professional Colleague,

Notification 3/2012 and Notification 4/2012 both dated 17.03.2012 has brought certain procedural changes in payment of service tax by amending Service Tax Rules, 1994 and Point of Taxation Rules, 2012 respectively.

These amendments are summarised as under:

1.0    Liability on receipt basis if turnover is less than 50 lacs for assesses – However, special benefit to professionals withdrawn.

2.0    Period for issuance of invoice extended from 14 days to 30 days – impact in determining point of taxation.

3.0    Definition of continuously supply of service amended to bring clarity.

4.0    Adjustment of service tax without any monetary limit.

5.0    In case of export—no service tax liability if payment received within the time as extended by RBI.

6.0    Clarification in turnover based exemption – amendment in Notification no. 6/2005 vide Notification No. 5/2012

.

7.0    Payment of service tax after issuance of invoice if amount to the extent of Rs.1000/- excess received.

Hope you will find above useful.

Regards,

CA. Vikas Khandelwal,

610, GD ITL Twin Towers,

B-08, Netaji Subhash Place,

Ring Road, Pitampura   

Delhi-110034

Website: www.vkcca.com

Ph: 011- 27356481.

Dear Professional Colleague,

Notification 18/2012-C.E. (N.T.) dated 17.03.2012 has amended CENVAT Credit Rules, 2004. All the amendments (except mentioned in point 3.0 hereinbelow) are effective from 01.04.2012. These amendments are summarised as under:

1.0    Expansion of definition of Capital Goods to include Motor Vehicle (other than specified) for all service providers.

2.0    Amendment in definition of input services with respect to Motor Vehicle related Services.

3.0    Payment on removal of Capital Goods after being used (this amendment is effective from 17.03.2012).

4.0    Availment of CENVAT credit in respect of input and capital goods on receipt of same at a place other than registered premises.

5.0    Amendment in scheme of claiming refund of CENVAT credit in respect of export of service.

6.0    Amendment in manner of distribution of CENVAT credit for input service distributor.

7.0    No interest is payable if CENVAT Credit is wrongly availed, but not utilized.

8.0    Amendment in Rule 9 of CENVAT Credit Rules, 2004 - Documents required for availing CENVAT Credit.

Please refer the attached file for understanding the impact of above amendments.

Hope you will find above useful.

Regards,

CA. Vikas Khandelwal,

610, GD ITL Twin Towers,

B-08, Netaji Subhash Place,

Ring Road, Pitampura   

Delhi-110034

Website: www.vkcca.com

Ph: 011- 27356481.