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21 May, 2015

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Updates that Matter # 22

Dear All,

We are pleased to update you vide UTM’s (Key Update Alerts). Please find hereunder our “Updates that Matter (UTM # No. 22)”,

Ø Finance Act, 2015 – The Finance Act, 2015 received assent from President on 14th May, 2015.

Ø Service Tax Rate Increased to 14%: - The service tax rate shall be increased to 14% w.e.f 1st June, 2015 {Not. 14/2015 – 19th May, 2015}

Ø DVAT: - Due dates of DVAT Return for Q4 of AY 14-15 extended to 22/5/2015.

Ø Customs: - SDF Forms dispensed away for exports by DGFT in line RBI proposal.

(Circular 15/ 2015)

Ø Delhi VAT: - Hon’ble Delhi HC allows deduction of Quarterly turnover discounts from sale price.

(MRF Limited Versus Commissioner of Trade And Taxes 2015 (5) TMI 462 - DELHI])

Ø VAT :- Hon’ble Delhi HC lays principles for transfer of right to use of buses to contractee viz DTC

(Hari Durga Travels Versus Commissioner of Trade & Taxes, Delhi - 2015 (5) TMI 461)

Ø E-commerce / Coupon Industry: - In Sodexo’s case Hon’ble Bombay HC held meal voucher as ‘Goods’ for the purpose of Local Body Tax in Maharastra. The judgement open several Pandora boxes.

(CWP No. 5653/2010 & 7503/2013)

Ø Transfer Pricing / IT :-Hon’ble Delhi HC has struck down the third proviso to section 254A(2) restricting the power of ITAT to grant stay beyond 365 days as ‘Unconstitutional’.

(Pepsi Foods Pvt. Ltd vs. ACIT (Delhi High Court TS 281 HC 2015 Del)


Thanks & Regards,

Team Chartered Online

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