0086-21-58386256
17: As far as the demand of levy of Service Tax upon the party transferring development rights is concerned, in view of the above submission, there is no manner of doubt that no "Service Tax" is …
Read more about severance taxes in the articles titled "Oil Severance Tax" and "Gas Severance Tax". County Ad Valorem Tax. Ad Valorem (Latin for according to value) taxes are levied at the County level and are generally viewed as a property tax on mineral rights, similar to the tax you pay on your residence. In most states, this tax becomes ...
India currently produces around 89 minerals under different groups, with fuel minerals, metallic minerals, non-metallic minerals, atomic minerals and minor minerals. ... The rate applicable on the service of grant of mineral exploration license and mining lease under Service Tax was also the standard rate of 15.5%. Services under this …
Service tax has been imposed on Mining Services i.e., services outsourced for mining of minerals, oil or gas by the Finance Act, 2007 as a separate taxable service with effect from a 1st June, 2007 vide Notification No. 23/2007-ST dated 22.05.2007. The gross amount charged by or gross consideration received by any person being service …
The Service Tax was introduced in India around 21 years back on July 1, 1994 at the recommendations of Dr. Raja Chelliah Committee on tax reforms. ... (as introduced by the Finance Act, 2012 w.e.f. 01.07.2012) defines the word 'Service' as under: "Service means any activity carried out by a person for another for consideration …
On 14 March 2024, a nine-judge bench of the Supreme Court reserved judgement in a case determining a state government's power to tax mines and minerals.At play are three different entries of the Union and State List in the Constitution of India. The subject matter on both the Union and State Lists are exclusive, and neither the Union and state are …
The Chennai Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) consisting of Sulekha Beevi C.S. (Judicial Member) and P. Anjani Kumar (Technical Member) has held that the...
As in recent years, aluminum, copper, and steel were among the leading imports in terms of value. The value of imports of metal ore and concentrates and raw industrial minerals …
Self-adjustment of service tax is permissible if service tax has been paid in advance under rule 6 (1A) and 6(4A) of Service tax Rules. Procedure to claim refund. Application has to be made in the prescribed form (Form – R). Application has to be filed in triplicate with the jurisdictional Assistant/Deputy Commissioner of Central Excise ...
Earlier, under the Service Tax Regime when Negative list-based taxation was introduced, only select services provided by the Government were out of Service Tax purview via Negative list and the rest were covered under Service Tax. Later, the list was amended to bring all the services provided by the Government under levy of tax.
As the United States has shifted from a manufacturing-based economy to a service-based economy, many states started to impose sales and use tax on services as well. Many businesses that provide services are still unaware of these statutory changes—some mistakenly believe they don't have to pay any sales tax at all, even if they're selling ...
For the support services provided by the Government, other than where such support services are by way of renting of immovable property, to business entities government departments will not have to get registered because service tax will be payable on such services by the service receiver i.e. the business entities receiving the …
Levy of tax on royalty was earlier disputed in service tax regime and now under GST regime, the applicability is not a matter of dispute but the gst rate on royalty is the matter of dispute, where the government has clarified vide Notification No. 27/2018-Central Tax (Rate), as an amendment to Original Notification No. 11/2017-Central Tax …
The current hearings stem from 2011 when a three-judge bench framed eleven pivotal tax law questions, prompting the escalation of the issues to the 9-judge bench. These questions included whether 'royalty' equates to tax and the authority of state legislatures to base tax on land value linked to production. Senior Advocate's Inquiries
service of renting of vehicles to State Transport Undertakings (STUs) and Local Authorities for exemption from GST under notification No. 12/2017-Central Tax (Rate) dated …
The rate of tax on Royalty could be derived from the Notification No. 11/2017-Central Tax. As per this Notification the rate of tax for Heading 9973 were given in Entry No. 17, …
The Supreme Court on Thursday reserved its verdict on the hugely contentious issue of whether the royalty payable on minerals is a tax under the Mines and Minerals (Development and Regulation) Act, 1957, and if only the Centre is vested with the power to levy such exaction or states also have the authority to impose levies on …
According to the Internal Revenue Service (IRS), income taxes on mineral rights royalties work a bit differently. Capital gains taxes apply to the sale of mineral rights. ... In Wyoming, the severance tax rate for minerals such as limestone, jade or clay is 2%, while natural gas or oil is 6%. In North Dakota, the severance tax is imposed in ...
A recent decision in Union of India v Mohit Minerals Pvt. Ltd by a three-judge bench of the Indian Supreme Court, led by Justice DY Chandrachud, has laid to rest a highly contested tax issue—whether Indian importers are liable to pay integrated goods and services tax (IGST) on the component of ocean freight paid for by the foreign seller to …
to deduct under the service tax law as it then stood. Subsequently, by the amendment of the definition of assessee effected on 12.5.2000 (though retrospectively effective from 16.7.1997) the liability to pay the service tax was shifted to …
[ Refer: Sec. 68(2) of the Act read with Rule 2(d) of the Service Tax Rules, 1994.] 3. Under what authority service tax is levied? Vide Entry 97 of Schedule VII of the Constitution of India, the Central Government levies service tax through Chapter V of the Finance Act, 1994. The taxable services are defined in Section 65 of the Finance Act, …
(ii) the provider of taxable service shall not avail the CENVAT credit of service tax paid on any input services, under rule 3 or rule 13 of the CENVAT Credit Rules, 2004 (herein after referred to as the said rules), used for providing the said taxable service, for which Exemption from payment of service tax under this notification is …
On liability to pay tax in GST: As per GST law, any service provided by the State Government to any business entity is liable to reverse charge mechanism (Sl. No. 5 of …
At the same time, royalty cannot be termed as a consideration received by the Govt. to grant rights over the Mine for mineral extraction & it cannot be said that State Govt. has supplied the service of granting rights for mineral extraction to come within the ambit of "Supply. 2.5 The entry under HSN Code 9973 relates to "Supply of Services".
On 26 July, in a 8:1 majority, a nine-judge Constitution Bench of the Supreme Court held that states have the power to levy tax on mines and minerals. The Bench held that the "royalty" collected by state governments under Section 9 of the Mines and Minerals (Development & Regulation) Act, 1957 (MMDRA) is not a tax. The judgement …
The statutory provision of Service Tax law define a 'local authority' under section 65B (31) of the Act and a 'governmental authority' under Notification No. 25/2012-ST dated 20.06.2012. The term 'government' was never defined in Service Tax provisions prior to Finance Bill, 2015.
CA Sandeep Kanoi. Section 66D of Finance Act, 1994 specifies the Negative list of services i.e the Services on which Service Tax is not leviable.Section 66D is been inserted in Finance Act, 1994 by Finance Act, 2012 and been notified to be effective from 1st July 2012 vide Notification No. 19/2012-ST dated 5 June 2012. A negative list …