The Hindu Business Line : Acts that intersperse

Almost thirty Acts have relevance to service tax law. These are apart from the general legislation, such as the Constitution of India, Indian Contract Act, Evidence Act, Indian Penal Code, Civil Procedure Code, and so on. A Handbook of Service Tax: Law, Practice & Procedure, by C. Parthasarathy and Sanjiv Agarwal, from Snow White (www.swpindia.com), now in its twenty-fourth edition, devotes a chapter to these other Acts.

For instance, the Securities Contracts (Regulation) Act (SCRA), 1956 defines `derivative' as `a contract which derives its value from the prices, or index of prices, of underlying securities'. In service tax law, SCRA is cited in the definition of `securities'. Cross-reference and index can add value to the publication. The book comes with a CD containing comprehensive reference material, and an accompanying volume on notifications and circulars.

Service tax reference

Another publication on the same subject is Service Tax Ready Reckoner by PL Subramanian. The treatment is in question-answer format for the most part. However, the preface informs that the answers to FAQs have been provided by the Department according to the law prevailing at the time of answering. Wish the author had added value to the taxman's views. The questions are interesting.

For example, in the chapter on telephone services, a poser relates to plastic roaming facility. And in the discussion on `advertising agency', a query is whether cinema theatres can be treated as advertisement agencies since they project ads.

Bottled gyan

XYZ engaged in manufacturing pharma products buys glass bottles as packing material for syrups. "Some of the glass bottles break during storage in the raw material stores and some more break on the shop floor while washing and filling syrups." Cenvat credit attributable to the quantity broken during storage in the stores is to be reversed since the same has not been used in or in relation to manufacture of dutiable goods, says T. Gunasekaran's Cenvat Manual, now in its nineteenth edition.

What about the credit attributable to the quantity of glass bottles broken on the shop floor? This is not to be reversed, says the author, because the bottles were put to use but were broken while using in relation to manufacture of dutiable goods.

Excise guidance

From the same author is Excise Ready Reckoner to provide guidance on `procedures, documentation and compliance'. Significant changes in law that the preface mentions are: `secondary and higher education cess' at 1 per cent on all products, and `new Rule 10A in Central Excise Valuation Rules with regard to assessable value of the goods manufactured on job work basis'. A bunch of post-Budget publications to help you keep updated.

Tailpiece

"Only when our attrition levels soared, we realised the need for a Chief... "

"Transport Officer?"

"No, a People Officer!"

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D. Murali