INDIRECT TAXATION SERVICES

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SERVICE TAX

Introduced in 1994, Service Tax is most important source of Indirect Tax revenues for the Indian Government. Generally, the service provider (providing taxable services, i.e., services not covered under negative list) is liable to pay service tax. In some cases, however, exemptions have been provided and in certain services the service receiver is made liable to pay service tax under reverse charge mechanisms. Prior to 1.07.2012, Service tax was levied on specified services and the responsibility of payment of the tax was generally cast on the service provider but for few exceptions. With effect from 1.07.2012, Service Tax regime based on negative list has been introduced and there is a paradigm shift in the levy of service tax. Service tax is imposed on all services other than those specified in the negative list. Though a simple tax, Service Tax is subject to frequent amendments, almost in every year's budget. The new Foreign Trade Policy of India has also created various incentives for the Service sector. Service Tax is important for assessee as being an indirect tax, stakes are always high, while compliance has a cost, non-compliance is more costly.


ASCO's services inter alia cover :

  • Strategic Tax advisory.
  • Consultancy on Service Tax issues.
  • Tax planning and optimization advice, litigation in all areas of Service Tax. 
  • Due diligence with respect to compliance management under Service Tax. 
  • Drafting vetting of Agreements / contracts 
  • Formulating and conducting legal compliance 
  • Registration and filling of Returns under Service Tax. 
  • Advisory, documentation and representation in Service Tax litigation matters.
  • Tax litigation / Appearance before the various Tribunals (CESTAT) and Commissioner (Appeals) representing client matters.
  • Interface with the Members of the Central Board of Excise and Customs as well as different Commissionarates to help represent client issues / representations
  • Handling Show Cause Notices 
  • Consultancy for maintenance of proper records.
  • Legal / professional Opinion on Service Tax matters
  • Representations to Ministry / CBEC on behalf of business associations.
  • Corporate training on subject.

 

CENTRAL EXCISE LAW

Central Excise is a tax on manufacture or production of goods. The Central Excise law and procedures mainly comprise of Central Excise Act, 1944, Central Excise Rules, 1944, Cenvat Credit Rules, 2004, Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000, Central Excise (Removal of Goods at Concessional Rate of duty for Manufacture of Excisable Goods) Rules, 2001, Central Excise (Determination of Retail Sale Price of Excisable Goods) Rules, 2008 and Notification issued under Central Excise Act, 1944 and the Rules made thereunder. ASCO is equipped to provide advisory, litigation and compliance related services in Central Excise.

CENVAT CREDIT

In order to charge tax only on value addition, the Cenvat credit scheme is in force. CENVAT is Central Value Added Tax, which is based on the VAT system of taxation wherein credit of duty paid on input, input services and capital goods can be claimed by service provider or manufacturer. Both excise duty and service tax is subsumed by the Cenvat rules and they allow setting off credit of both against either of the taxes. Opportunity to avail Cenvat Credit gives a direct value addition to businesses and is thus a key area in tax planning.

ASCO provides services and handles diverse issues in consulting due diligence / audit as well as litigation on Cenvat Credit issues.

GOODS AND SERVICES TAX (GST)

GST stands for “Goods and Services Tax”, and is proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. Its main objective is to consolidates all indirect tax levies into a single tax, except customs (excluding SAD) replacing multiple tax levies, overcoming the limitations of existing indirect tax structure, and creating efficiencies in tax administration. Once implemented, GST is going to be the biggest ever tax reform in independent Indies.

Goods and Services Tax is a tax levied on goods and services imposed at each point of sale or rendering of service. Such GST could be on entire goods and services or there could be some exempted class of goods or services or a negative list of goods and services on which GST is not levied. GST is an indirect tax in lieu of tax on goods (excise) and tax on service (service tax). The GST is just like State level VAT which is levied as tax on sale of goods. GST will be a national level value added tax applicable on goods and services.

ASCO's exposure to studies in GST and publication on GST enables it to engage with clients on dissemination of GST law in making and explain the nuances of GST to corporates. Corporate trainings on GST and helping businesses understand impact of GST and facilitating preparedness for GST is an area we are working with clients. 

WELCOME TO ASCO

ASCO is headquartered at Jaipur (India) with fully functional branch office at Delhi – NCR. Our geographical reach includes whole of India and we have associates all over India.

Our Team
get in touch

503, Gurukripa Tower, C-43, Mahaveer Marg, C-Scheme,

Jaipur-302001, Rajasthan, India

  • +91-141 236 8071, +91-141 2369250

  • Fax: +91-141-2369250