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Malad - Goregaon CPE Study Circle – WIRC of ICAI 12 th July, 2009

Malad - Goregaon CPE Study Circle – WIRC of ICAI 12 th July, 2009. Service Tax Proposals in Financial Bill, 2009 Presented by CA. Rajkamal Shah 3, Aakash Building, Br. Nath Pai Marg, Ghatkopar East, Mumbai 400 077

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Malad - Goregaon CPE Study Circle – WIRC of ICAI 12 th July, 2009

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  1. Malad - Goregaon CPE Study Circle – WIRC of ICAI 12th July, 2009 Service Tax Proposals in Financial Bill, 2009 Presented by CA. Rajkamal Shah 3, Aakash Building, Br. Nath Pai Marg, Ghatkopar East, Mumbai 400 077 E-mail : rajkamal_rsco@servicetax4india.com / shah.rajkamal@gmail.com Tel. / Fax : 022- 25060039 / 69

  2. Changes effective from 7.7.2009 • WorksContract Service – Payment under Composition Scheme • Territorial Jurisdiction • CENVAT Credit Rule 3 (5B) • CENVAT Credit Rule 6 (3)

  3. Exemptions – w.e.f. 7.7.09 • Tour operator’s service • Inter-bank transactions of purchase or sale of foreign currency • Club or Association service

  4. Refund to exporters w.e.f. 7.7.09 • NN. 41/2007-ST replaced by 17/2009-ST • Complete exemption for payment under reverse charge mechanism - GTA service and BAS re. payment to foreign commission agents (NN 18/2009) – instead of refund • Includes Terminal Handling charges • Time limit extended to 1 year from the date of export • Refund claim can be filed anytime after the export consignment & not necessarily quarterly

  5. Refund to exporters w.e.f. 7.7.09 • Thrust on self declaration • Declaration needs to be certified by the auditor in case refund claim exceeds 0.25% of FOB value • All original documents required to be filed • Refund claim to be settled within 1 month

  6. Changes effective from the date of enactment of Fin. Bill, 2009 • Revisionary powers of the Commissioner replaced with appeal to Comm.(App) • Benefit of exemption to GTA granted retrospectively from 1.1.2005

  7. Changes in existing services w.e.f. date to be notified • BAS – exemption to the process of manufacturing restricted • Stock Broker Service – Sub-brokers removed from taxable category • Definition of Information Technology Software Services – the word “acquiring” replaced by the word “ providing” • Transport of goods by rail

  8. New Services - w.e.f. date to be notified • Transport of Coastal Goods through Inland Waters • Cosmetic or Plastic Surgery • Legal Consultancy Service

  9. and finally ………….

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