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    ManualsService Tax
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    Service tax registration non-transferability requires transferee to obtain immediate fresh registration certificate upon business transfer.
    Service tax registration certificates are not transferable under rule 4(6) of the Service Tax Rules, 1994; upon transfer of business the transferee must obtain a fresh certificate and is to be treated as a new registrant rather than a continuation or renewal of the transferor's registration.
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    Essential character of a product determined by dominant cost component or defining functionality for classification.
    Determination of the essential character of a bundled product relies on two main tests: cost allocation, where the component with the highest share of parts or manufacturing cost typically imparts essential character (as in Xerox India Ltd.), and functionality, where the component that confers defining physical or operational attributes supplies the product's identity (as in Bakelite Hylam Ltd.).
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    Service tax payment under wrong head still discharges liability; misclassification does not negate tax payment responsibility.
    Payment of service tax under an incorrect service classification does not, by itself, prevent the tax liability from being regarded as discharged; the essential consideration is that tax was remitted on behalf of the taxable activity, so recording the remittance under a different accounting head ordinarily cannot be used to deny satisfaction of the service tax demand.
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    Cash-basis service tax: optional payment on receipt for small providers and payment-trigger rules under reverse charge.
    Individuals and partnership firms below a prescribed turnover threshold in the previous financial year may opt to pay service tax on taxable services in the current year on a cash-receipt basis for supplies up to that threshold, with tax due in the month or quarter in which payment is received. Under the reverse charge mechanism, the service recipient may also discharge tax on a payment-received basis, but if payment is not made within a specified period after the invoice date the point of taxation shifts to the date immediately following that period.
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    Government circulars and clarifications represent administrative understanding of statutory provisions and do not bind courts or quasi judicial authorities; they cannot create an estoppel against the statute and do not prevent recovery of tax lawfully leviable despite prior communications to taxpayers.
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    Service elements in works contracts taxable when classifiable under construction or erection services, not limited to a new label.
    Service elements within a composite works contract that correspond in nature to Commercial or Industrial Construction Service, Construction of Complex Service or Erection, Commissioning or Installation Service are taxable under those service heads; such service elements need not be classified exclusively under the subsequently inserted sub clause, and levy under the existing defined service categories is proper based on the substantive character of the activities.
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    Resident firm classification for advance ruling expands eligible applicants under service tax advance ruling framework.
    Notification declares resident firm as a class of persons eligible for advance rulings under section 96A of the Finance Act, 1994 for service tax. It defines "firm" to include partnerships under the Indian Partnership Act, limited liability partnerships (including those without a company partner), sole proprietorships, and One Person Companies, and links the term "resident" to the meaning in the Income-tax Act as applicable to a resident firm.

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      OTHER PROPOSALS INVOLVING CHANGES IN BASIC CUSTOMS DUTY RATES/HEALTH CESS IN RESPECTIVE NOTIFICATIONS [with effect from 2.2.2022, unless specified otherwise]

      2 February, 2022

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      VI. OTHER PROPOSALS INVOLVING CHANGES IN BASIC CUSTOMS DUTY RATES/HEALTH CESS IN RESPECTIVE NOTIFICATIONS [with effect from 2.2.2022, unless specified otherwise]

      S.No.

      Chapter, heading, subheading, or tariff item

      Commodity

      From

      To

       

       

      Agricultural Products and By Products

       

       

      1.

      0306

      Live Black tiger shrimp (Penaeus monodon)

      30%

      10%

      2.

      0306 19 00

      Frozen Krill

      30%

      15%

      3.

      1518

      Algal Oil for manufacturing of aquatic feed

      30%

      15%

        

      Fuels, Chemicals and Plastics

      		  

      4.

      2710 19

      Fuel oil

      5%

      2.5%

      5.

      2710 19

      Straight run fuel oil

      5%

      2.5%

      6.

      2710 19

      Low sulphur wax residue

      5%

      2.5%

      7.

      2710 19

      Vacuum residue, Slurry

      5%

      2.5%

      8.

      2710 19

      Vacuum gasoil

      5%

      2.5%

      9.

      2837 11 00

      Sodium cyanide

      7.5%

      10%

        

      Paper

      		  

      10.

      4707

      Recovered (waste and scrap) paper or paperboard for use in manufacturing of paper, paperboard or newsprint

      NIL

      2.5%

        

      Gems and Jewellery Sector

      		  

      11.

      7102 21 7102 31 00

      Simply Sawn Natural Diamonds imported under Kimberley Process Certification Scheme (KPCS)

      Applica ble Rate

      NIL

      12.

      71

      Cut and Polished Diamonds

      7.5%

      5%

      13.

      71 (except 7104 99 00)

      Cut and Polished Natural Gemstones

      7.5%

      5%

        

      Metals

      		  

      14.

      7204

      Iron and steel scrap, including stainless steel scrap [Exemption hitherto available till 31.3.2022 is being extended up to 31.03.2023]

      NIL [upto 31.3.20 22]

      NIL [upto 31.3.20 23]

        

      Electrical and Electronics Sector

      		  

      15.

      3920 99 99, 9002 11 00

      Camera lens for use in manufacture of Camera Module for Cellular Mobile Phone

      10%/ 15%

      2.5%

      16.

      Specific CTH

      Specified parts for use in manufacture of transformers of chargers/adapters

      10%/ 15%

      5%

      17.

      74 or 76

      Copper/Aluminium based Copper clad laminate for use in manufacture of PCB/MCPCB

      5%/ 7.5%

      NIL

      18.

      90

      Following items used in manufacture of X-ray items:

      a) X-Ray grid

      b) Multi Leaf Collimator/ Iris

      c) Static User Interface

      5%

      10%

      19.

      90

      X-Ray Machines

      7.5%

      10%

        

      Medical devices

      		  

      20.

      9018 32 10

      Surgical needles imported for manufacture of Surgical sutures

      Health Cess @ 5%

      Health Cess @ Nil

        

      Toys

      		  

      21.

      9503

      Parts of electronic toys for manufacture of electronic toys

      15%

      25%

        

      Capital Goods

      		  

      22.

      7325 10 00

      S. G. Ingot Castings used in manufacturing of Plastic Processing Machinery

      10%

      7.5%

      23.

      8483 40 00, 8477 90 00

      Ball Screw and Linear Motion Guide used in manufacturing of Plastic Processing Machinery

      7.5%

      5%

      24.

      84

      Bushing (made up of platinum and rhodium alloy, imported in exchange of worn-out bushing exported for refurbishment)

      10%

      7.5%

      25.

      8419

      Coffee roasting, brewing or vending machineries for use in the manufacturing or processing of coffee

      10%

      7.5%

       

      Full Text:

      Budget 2022-23 + FINANCE Bill, 2022

      Topics

      ActsIncome Tax
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