No change in rate of service tax wef 1.4.2015

Finance Bill, 2015 has proposed to increase effective rate of Service Tax from 12.36% to 14%. Wide spread confusion has been created by some renowned TV Channels and Newspapers regarding effective date of change in rate of Service Tax. In this regard, we would like to clarify that change in rate of Service Tax will be effective from the date to be notified after enactment of Finance Bill, 2015.

Relevant portion of D.O.F. No. 334/5/2015-TRU dated 28th February, 2015 is produced below: "3.3 The new Service Tax rate shall come into effect from a date to be notified by the Central Government after the enactment of the Finance Bill, 2015."

It is worthwhile to mention that there is no change in rate of Service Tax w.e.f. 1st April, 2015. We will keep you updated on this issue as and when such notification is issued.

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CBDT Instruction No 5/2014 dated 10.07.2014

Dear Members, The Hon'ble CBDT has issued Instruction No 5/2014 dated 10.07.2014 , by which the monetary limits for filing appeals to ITAT / HIGH COURT / SUPREME COURT have been revised. The New limits are: Tax effect Appeal before ITAT Rs. 4,00,000/- High Court Rs. 10,00,000/- Supreme Court Rs. 25,00,000/- Copy of Instruction is attached for your information.

No GST on Ocean freight. Hon'ble SC.

Supreme Court has pronounced its judgment in the matter of Mohit Minerals (Ocean Freight matter). While upholding the judgment of Gujarat High Court, the Supreme Court has held that recommendations of GST Council are only recommendatory and not binding on Union and State. To summarise the Hon'ble Apex Court has ruled that GST is not leviable on ocean freight. CA Yashu Goel

GST - Electronic invoicing (E Invoicing) made mandatory

E-invoice has been made mandatory for taxpayers having turnover exceeding 10 crores from 1st October, 2022: Notification 17/2022 Central Tax dtd 01/08/2022 It implies that any registered person whose aggregate turnover in any preceding financial year from FY 2017-18 onwards has exceeded Rs 10 Crore shall issue E-invoice w.e.f 1st October 2022 . -- CA Yashu Goel 9899263490 M/s N.K. Goel & Bros. Chartered Accountants www.TaxingNarad.COM

N K GOEL AND BROS.

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