https://www.taxtmi.com/news?id=4823 Recommendations propose narrowing the statutory definition of service, specifying that firm partner and employer employee transactions are not taxable, aligning sectoral definitions (agricultural produce, GTA, IPR, works contract, process amounting to manufacture) to remove duplicative taxation, and clarifying place of provision rules. Valuation and CENVAT reforms include options to reduce taxable value where VAT applies, methods for fair market valuation, credit eligibility for goods under LSTK contracts, unconditional GTA abatement, expanded input/service credit coverage, 100% capital goods credit in year of purchase, relaxed documentation and time limits, and mechanisms for expedited refunds of accumulated credits. Procedural reforms address thresholds, reverse charge mechanics, bad debt relief, adjudication timelines, limits on penalties and prosecutions, audit transparency, advance ruling access, and litigation reduction measures. en-us Thu, 28 Feb 2013 11:40:24 +0530 Thu, 28 Feb 2013 13:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=4823 Recommendations propose narrowing the statutory definition of service, specifying that firm partner and employer employee transactions are not taxable, aligning sectoral definitions (agricultural produce, GTA, IPR, works contract, process amounting to manufacture) to remove duplicative taxation, and clarifying place of provision rules. Valuation and CENVAT reforms include options to reduce taxable value where VAT applies, methods for fair market valuation, credit eligibility for goods under LSTK contracts, unconditional GTA abatement, expanded input/service credit coverage, 100% capital goods credit in year of purchase, relaxed documentation and time limits, and mechanisms for expedited refunds of accumulated credits. Procedural reforms address thresholds, reverse charge mechanics, bad debt relief, adjudication timelines, limits on penalties and prosecutions, audit transparency, advance ruling access, and litigation reduction measures. News - Thu, 28 Feb 2013 11:40:24 +0530 https://www.taxtmi.com/news?id=4823