Revenue Neutral Under Service Tax
A panel set up by the state governments has proposed revenue neutral rates rnrs for the central and state components of the proposed goods and services tax gst at 12 77 and 13 91 respectively.
Revenue neutral under service tax. White kitchen cabinets for a neutral background sep 17 2019. In tech mahindra limited v. Analysts said these rates are nearly the same as if not slightly higher than the current rates of indirect taxes at the central and state levels. Commissioner of central excise cochin 2012 8 tmi 597 cestat bangalore the applicant is an stp unit engaged in the development of customized software which they are exporting.
A panel set up by the state governments has proposed revenue neutral rates rnrs for the central and state components of the proposed goods and services tax gst at 12 77 and 13 91 respectively. Manner of payment of the tax would not change the nature of levy and in any case if the argument of revenue neutrality is accepted as permissible defence the entire mechanism of payment of taxes under rcm will become irrelevant and no business liable to pay service tax would be required to pay service tax in. For instance a revenue neutral provision may require individuals to pay less tax but corporations will pay correspondingly more taxes. As it is a clear case of revenue neutrality and a case where intention to evade service tax is absent the penalty under section 76 which is imposable deserves to be waived in the light of provisions of section 80 of the finance act 1994.
Under these circumstances their claim for revenue neutrality and consequently absence of intention to evade service tax is acceptable. Therefore the appellant was entitled for cenvat credit on the service tax demanded. Report on the revenue neutral rate and structure of rates for the goods and services tax gst dec 10 2015 income not offered to taxation due to an inadvertent mistake does not attract a penalty under section 271 1 c mar 18 2013 power of revenue to reopen cases in case of change of opinion is expressed may 01 2011.