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Indirect Tax Changes -Budget 2015-2016

Change in Rate

Central Excise duty to be rounded off to 12.5 % (from 12.36 %)


Service tax to be increased from 12.36 % to 14 %. Date of levy of new rate shall be notified after enactment of Finance Bill 2015


Procedure Changes

Online Excise and Service Tax registrations in 2 days


Digital invoices to be accepted


A provision for issuing digitally signed invoices is being added along with the option of maintaining of records in electronic form and their authentication by means of digital signatures.

 

Cenvat Credit

Rule 4(7) is being amended to allow Cenvat Credit of Service Tax paid under partial reverse charge by the service receiver without linking it to the payment to the service provider. This change will come into effect from 1.4.2015.


 The period for availing Cenvat Credit has been being extended from six months from the date of invoice to one year from the date of invoice.


For referring changes in Service Tax , click on the link below 

http://amlegals.com/blog/budget-2015-2016-an-analysis-on-indirect-taxes/

Budgetary Changes in 2016-2017 - Indirect Taxes

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