Ralph Cunningham, International Tax Review, Rohan Shah, Managing Partner, ELP, Rohit Jain, ELP, Nishant Shah, ELP
The Finance Bill 2012 reinvented the law on service tax by introducing the concept of Negative List Taxation. This proposed amendment, will have a deep impact on service transactions. The concept will cover all services (unless specifically excluded), thereby making most service providers liable to service tax. This new scheme has thrown up a range of new issues, which every business (whether a manufacturer, a service provider or a trader) will need to deal with. And the introduction of the Negative List, before the introduction of GST, leads to significant gaps in relation to generation and use of tax credits. This anomaly will, doubtless, add to the real indirect tax cost of transactions in India.
This webinar is aimed at familiarising taxpayers with the new scheme and to highlight various issues and potential challenges that companies may face the future.