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Tax planning

Now, Negative list of Service Tax method has been effected from 01/07/2012. So proper interpretation of Negative List of Services, Mega Notifications of Exemptions, Declared Taxable Services, Partially / Fully Reverse Charge Mechanism, Place Of Provision Of Services etc. is most essential. Other connected drastic changes are to be implemented at the right time. Our expert teams timely guide in the matter and make the tax planning accordingly.

Initially, in past (up to 30/06/2012) there were 129 Taxable Services on which Service Tax was payable. Each taxable service is having its own different exemptions, abatements, concessions, and limitations under the Service Tax. After the thorough study of Taxable Service, CENVAT Claim, Abatement and other legal points, comparative Tax liability can be worked out.

For e.g. If you are providing "Construction of Commercial Property Service", you can take Registration No. under the head "Construction of Commercial Property Service" or "Works Contract Service". Still under the head "Construction of Commercial Property Service" we can either claim full CENVAT Credit and pay full tax on total consideration OR claim abatement and pay the Tax.

Further you can also get Registration under the head "Works Contract Service" in which you can either claim full CENVAT Credit and pay full tax on total consideration OR pay Service Tax on old composition scheme.

Therefore after considering the nature of construction, taxable consideration, CENVAT Claim, abatement and other legal points, and the latest amendments upto the end of year 2016 and updates. We can justify the category of registration applicable and save substantial amount of Service Tax. Thus our clients are taking the maximum benefit of exemptions / abatements / composition / CENVAT of Service Tax through our valuable advice.


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