Assignment of right to use any natural resource where such right to use was assigned by the Government or the local authority before the 1st April, 2016

Assignment of right to use any natural resource where such right to use was assigned by the Government or the local authority before the 1st April, 2016 https://www.taxtmi.com/manuals?id=1537 Assignment of the right to use a natural resource assigned by Government or a local authority before 1 April 2016 is exempt from service tax only in respect of the one time charge (paid upfront or in installments); periodic payments remain taxable. The point of taxation is the earlier of payment becoming due as shown in the Government/local authority demand document or payment made, interest on deferred payments is includible in value, and CENVAT credit of service tax on the one time charge may be availed evenly over three years with specified documentary provisions for credit. en-us Thu, 14 Jul 2016 15:58:00 +0530 Thu, 14 Jul 2016 17:06:00 +0530 TaxTMI RSS Generator Assignment of right to use any natural resource where such right to use was assigned by the Government or the local authority before the 1st April, 2016 https://www.taxtmi.com/manuals?id=1537 Assignment of the right to use a natural resource assigned by Government or a local authority before 1 April 2016 is exempt from service tax only in respect of the one time charge (paid upfront or in installments); periodic payments remain taxable. The point of taxation is the earlier of payment becoming due as shown in the Government/local authority demand document or payment made, interest on deferred payments is includible in value, and CENVAT credit of service tax on the one time charge may be availed evenly over three years with specified documentary provisions for credit. Manuals Service Tax Thu, 14 Jul 2016 15:58:00 +0530 https://www.taxtmi.com/manuals?id=1537