Taxation of works contract services under Service Tax.

0 comments Sunday, October 16, 2011
Works contract services were brought into service tax net by the Finance Act, 2007, w.e.f 01-06-2007 vide notification No. 23/2007-ST, dated 22-05-2007. Works contract in general terms can be understood as a contract which involves transfer of property and also element of service or work rendered.

Definition of works contract service: Service tax under works contract services has been imposed on the service element involved in the works contracts. It should be noted that unlike VAT laws in various States service tax is applicable only on a fewer kinds of works contract as defined in section 65(105)(zzzza). Works contracts relating to Roads, Airports, railways, transport terminals, bridges, tunnels and dams are outside the purview of service tax.
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Know the Instructions given by RBI to Banks on customer services

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Reserve Bank of India issued a master circular no RBI/2011-12/56 DBOD No.Leg.BC.18/09.07.006/2011-12 on 1st July, 2011 giving instructions to banks on customer services. Many a times common man faces difficulties while operating their bank accounts like paying minimum balance charges, not issuing  of cheque books at counters etc. Coustomers should be aware of  instructions issued by RBI to banks. I am sharing the some extracts of the master circular herebelow:
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