By Visali Kumar & Jagannadh Grandhi
As we approach the second year in the negative list based regime in service tax, there are many issues which have not been comprehended yet. Section 66B of the Finance Act, 1994 ( ‘the Act’) is the new charging section which replaced the earlier charging section, paving way for the new and wide net of service tax. This section provides th...
Union Budget 2011-’12 has made radical changes to various provisions of Cenvat Credit Rules, 2004 (hereinafter, “Credit Rules”). These far reaching changes have ostensibly been carried out with the objective of augmenting revenues and also to simplify complicated legal provisions. One significant change which has been brought vide the Budget 2011-12 is the insertion of the Explanation to Rule 2...
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