Thursday, August 7, 2014

IDT batch for CA Final Nov 2014 and May 2015 will start from 11th Aug 2014 - Morning

New Batch for IDT (CA Final) Nov 2014 and May 2015 will start from 11th Aug 2014 at Hindi Maha vidyalaya (Nallakunta) during morning hours (6.00 AM to 9.00 AM).

Thank you,


Updates in Indirect Tax Laws # 9:

Service Tax extends to the Continental Shelf & Exclusive Economic Zone (CS & EEZ) of India [Notification No. 14/2010-S.T., dated 27-2-2010]

Eg: A Vessel sailing from Karachi to Colombo developed some technical snag while passing through CSI (Continental Shelf of India) off Kochi port. A marine engineer from Ernakulam provides service to the vessel anchored in the EEZI (Exclusive Economic Zone of India).

Sol: No tax ! Why? Because, the vessel located in the CSI / EEZI, is not engaged in the mineral exploitation.

Eg #2: Installation in EEZI meant for prospecting for mineral oil, did not find out oil. Is tax payable on service provided to such an installation?

Sol: Tax is payable ! Why? Because, installation was for the purposes of prospecting mineral oil. It does not matter whether oil was found or not.