Those paying more than Rs 25 lakh in service tax will soon have to file their returns every month instead of once in six months.
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To get what it thinks are its dues, its brass have directed; construction, realty, renting of property, personnel supply, security & goods transport among those under lens
Asked to share details of income from all its 16 zones, especially through tatkal, ticket cancellation and bed roll charges
Get ready to shell out more for your movie tickets, cricket matches or visits to amusement parks as all recreation services will come under service tax later this year.
Telephone use, eat-outs and other activities will cost more.
Envisaging a wider role for professionals, Company Secretaries have asked the government to make mandatory issuance of a service tax compliance certificate by companies.
18% cent GST on iPhones continues to weigh heavily on the final cost to Indian consumers, limiting the impact of price cuts.
For every rupee in the government coffer, the biggest pie of 63 paise will come from direct and indirect taxes, according to the Union Budget 2024-25 documents.
The gross GST collection increased 8 per cent to Rs 1.74 lakh crore in June, sources said on Monday. The government, however, has discontinued the official release of monthly GST collection data, they added. Sources said the gross Goods and Services Tax (GST) collection so far this fiscal (April-June) stood at Rs 5.57 lakh crore.
The levy will be 10%, with an abatement of 50%, effectively bringing down the service tax levy to 5% on the tariff.
E-filing through the Centre's online tax payment application Automation of Central Excise and Service Tax will be a must not only for returns due after October 1, but also for returns of past periods which have not been filed yet or are to be revised.
While clarifying the provisions of service tax to be levied on services provided by air conditioned restaurants with licence to serve liquor, the CBEC said the value added tax excluded from the taxable value.
The National Informatics Centre uses AI to automate document analysis and detect fraud in government departments.
The global airlines body International Air Transport Association also said that such taxes would compromise the industry's ability to maintain margins. Ravi said he would also appeal to all state governments to reduce sales tax on aviation turbine fuel.
The local chapter of Indian Chamber of Commerce and Industry in Coimbatore has again appealed to the Centre to reconsider the imposition of service tax on goods transportation.
The government has rationalised the service tax liability on sellers and distributors of lottery tickets by giving them the option to pay tax at flat rate based on the face value of tickets.
The liquidity will move into deficit after advance tax payments and GST outflows. It will rebound in October because of government spending.
The International Air Transport Association (IATA) has termed the service tax charged on air tickets by the Indian government as illegal according to the Chicago Convention.
Urban development minister Jaipal Reddy said on Friday that he would also ask the finance minister to review his decision to bring the real estate sector under the service tax net. Real estate players were unanimous that the extra burden would be passed to the consumer if, indeed, the service tax is imposed.
A courier company owner was arrested for allegedly evading service tax of about Rs 70 lakh
Interest, penalty and other consequences will be waived.
'Whether I am optimistic or pessimistic is not the issue; I am just going by the evidence available.' 'The Indian economy and financial sector are now well-placed and very resilient in dealing with any kind of spillover coming from the external world.'
Can lead to imprisonment up to seven years.
In a stern warning to service tax evaders, the government asked them to either pay their dues by tomorrow or face penal action which could include arrest and prosecution.
In a representation to the ministry of finance, it has demanded that labour-intensive security agencies should no longer be enlisted under the category of service providers and brought under the category of auxiliary service providers so that they could avail of tax benefits.
The Confederation of All India Traders on Monday demanded the withdrawal of service tax on traders and threatened to go on a nationwide agitation if the demand was not met.
Restoration of Customs duty on crude oil & rollback of exemptions likely.
The final list of bidders would be finalised only after the interested firms pay the earnest money deposit on June 30.
Once we break free of the idea that land is scarce, real estate is just a pile of bricks, steel, and glass. Any price surge will kick off a supply response, which kills off the possibility of sustained price appreciation, points out Ajay Shah.
Full exemption for all health insurance premiums and reinsurance or a reduction in the GST rate from 18% to 5% on health insurance services is likely.
With 7 per cent economic growth, India is not creating enough jobs as reflected by the number of applicants for vacant posts in some states, Reserve Bank's former governor Raghuram Rajan said and suggested the government needs to focus on promoting labour-intensive industries to generate employment. Rajan further said some Indians, especially those at upper level, are comfortable and have high incomes, but consumption growth from the lower half of the country has still not recovered to pre-pandemic level.
The life insurance industry does not have a good track record when it comes to passing on tax benefits to policyholders, points out Harsh Roongta.
Punj Lloyd voluntarily deposited Rs 1.06 crore (Rs 10.6 million) on the spot through challans when excise officials visited them during an investigation in the matter.
Facing an annual loss of a whopping Rs 300 crore (Rs 3 billion), shipowners have pleaded with the finance ministry to keep them out of service tax net and exempt them from withholding and fringe benefit taxes.
About 1.2 trillion tax evasion cases have been detected and as many as 59,000 entities identified for verification in order to ascertain whether they are fake.
PAN mandatory for service tax registration: Fin Min
TDS has been successfully used for direct taxes like the income tax.
Analysts point out that exporters outside SEZs enjoy Cenvat credit against service tax paid on a host of services subscribed to while engaging in export-related activities. In addition, the department of revenue recently permitted service tax exemption on seven services used by exporters.
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