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TMI BlogBudget 2012-2013 - Amendments in Service Tax Rules, 1994X X X X Extracts X X X X X X X X Extracts X X X X ..... Budget 2012-2013 - Amendments in Service Tax Rules, 1994 - By: - C.A. Surender Gupta - Service Tax - Dated:- 19-3-2012 - - Changes in Service Tax Rules, 1994 - Ntf. 3/2012 ST (w.e.f. 17-3-2012 or w.e.f. 1-4-2012) ( Service Tax Rules, 1994 as amended available on www.taxmanagementindia.com) Sr. No. Particulars Old Provisions New Provisions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Effective Date 1. Meaning of partnership firm ( Rule 2 (cd)) Not existing PF to include LLP 1-4-2012 2. Issue of invoice, bill or challan Period of limitation Rule 4A 14 days 30 days 45 days in case of banking 1-4-2012 3. Receipt of excess money over and above the Invoice Value assessee who has opted POT r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ules Rule 4A Not existing No need to invoice if excess amount received is upto rs. 1000 POT will be original date of Invoice. 1-4-2012 4. Export of services due date Rule 6(1) Third proviso Provisions of Rule 7 of POT, 2011 migrated to STR, 1994 Due Date of payment is date of receipt in case of export, whether or not received within pre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... scribed time limit. Due date of payment is, date invoice / bill if payment in foreign exchange is not received within prescribed time as per RBI, provisions of Rule 6(1) not applicable 1-4-2012 11. Option to pay service tax on Receipt basis instead of accrual basis Fourth proviso to Rule 6(1) Provisions of Rule 7 of POT, 2011 migrated to STR, 1994 indi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... viduals or proprietary firms or partnership firms - 8 categories of services No value cap Individuals and partnership firms All services are eligible Value cap Rs. 50 lacs in the preceding year and upto Rs. 50 lacs during the current year 1-4-2012 5. Adjustment of excess paid service tax Rule 6(4B) on account of reasons not involving interpretation of l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aw, taxability, classification, valuation or applicability of any exemption notification.] Upto Rs. 2 lacs (No limit in case of centralized registration) Details and reasons were required to be intimated to the Superintendent Adjustment without any limit to all the assesse. No intimation 1-4-2012 6. Composition in case of life insurance [Other cases] Rule 6(7A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) 1.5% 3.0% in first year and 1.5% in subsequent years 1-4-2012 7. Composition scheme in case of Money Changing Rule 6(7B) Exchanged amount ST Upto Rs. 1 lac 0.1% (cap Rs. 25) 1 lac to 10 lac 100 + 0.05% Exceeding Rs. 10 Lac Rs. 550 + 0.01% Exchanged amount S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T Upto Rs. 1 lac 0.12% (cap Rs. 30) 1 lac to 10 lac 120 + 0.06% Exceeding Rs. 10 Lac Rs. 660 + 0.12% [It appear, there is mistake it should be Rs. 660 + 0.012%] 1-4-2012 8. Composition scheme for lottery agents Rule 6(7C) Rs. 6000/- every 10 lacs where payout is 80% Rs. 9000/- on every 10 la ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cs Where is payout is 80% Rs. 7000/- every 10 lacs where payout is 80% Rs. 11000/- on every 10 lacs Where is payout is 80% 1-4-2012 - Reply By Sumit Aggarwal as = Regarding S.no. 4 - old provsions. First Proviso to rule 7 of Point of Taxation rules, 2011 is as below:- "Provided that in case of services referred to in clause ( a ), where paym ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent is not received within the period specified by the Reserve Bank of India, the point of taxation shall be determined, as if this rule does not exist :" and as such if export proceeds are not received within prescribed time, then this rule 7 will not apply and point of taxation will be date of export invoice. Dated: 23-4-2012 - Scholarly articles for knowledge sharing au ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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