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.
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.
TDS has been successfully used for direct taxes like the income tax.
PAN mandatory for service tax registration: Fin Min
Common return for excise duty and service tax was envisaged when 119 services were taxed.
The National Informatics Centre uses AI to automate document analysis and detect fraud in government departments.
The recent Foreign Trade Policy announcement to waive service tax for exporters had the backing of the Prime Minister, Commerce Ministry sources said on Tuesday.
The Central Excise and Service Tax Appellate Tribunal ordered the BCCI pay Rs three crore interim payment towards service tax dues.
The government seems to be contradicting its earlier clarification that "computer-enabled services, namely, back office processing, shall not be subject to service tax", opines Sachin Menon and Prasad Paranjape.
The liquidity will move into deficit after advance tax payments and GST outflows. It will rebound in October because of government spending.
The Point of Taxation Rules, first introduced during the Union Budget in February, says service tax, which was so far paid after the collection of dues from clients, would now have to be paid on the 5th or 6th of every month once the invoice for the service was raised.
A firm, which managed Prime Minister Narendra Modi's hugely successful Lok Sabha campaign, has come under the scanner of revenue authorities for alleged service tax evasion.
The government should exempt micro-insurance from payment of service tax to make products cheaper and encourage penetration of insurance services in low income rural and social sectors, a UN report has suggested.
The penalty can be a maximum 50 per cent of the tax.
The Central excise department slapped a notice on King's XI Punjab cricketer Yuvraj Singh seeking payment of service tax to the tune of Rs 1.15 crore raised on his income from two seasons of Indian Premier League (IPL) and endorsements.
Move a step towards goods and services tax.
The government is considering to enact Service Tax Act and is likely to allow states to levy the tax on local items after nationwide value-added tax is introduced, a senior official of Central Board of Excise and Customs said on Thursday.\n\n\n\n
The Finance Minister attributed the large number of defaulters to benign provisions of the Service Tax Act.
The tribunal raised tax demand against several airlines, including Jet.
At present, the service tax rate stands at 12 per cent. Added to this is a 2 per cent education cess, bringing the incidence to 12.24 per cent.
'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.'
More services such as ATM operations are proposed to be brought within the service tax net.
May adopt dtrict action including prosecution and property attachment.
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.
The meeting is likely to be attended by a number of leading developers, including realty firms DLF and Unitech.
The Union civil aviation ministry would take up the issue with the finance ministry, Patel said, expressing the hope that the latter would respond favourably to the civil aviation ministry's representation.
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.
The ministry of civil aviation will seek a complete rollback of service tax levied on domestic air travel in the recent Budget, Civil Aviation Minister Praful Patel said on Wednesday.In his Budget speech on February 26, Finance Minister Pranab Mukherjee had proposed a service tax of 10 per cent on both domestic and international travel. Earlier, the service tax was restricted only for international travel.
In the midst of a tax probe into finances of IPL, authorities have issued notices to several sponsors of the first edition of the Twenty20 event, including DLF, Adidas and Religare for non-payment of service tax.
Finance Minister P Chidambaram on Thursday sought to allay fears expressed by traders, who have threatened to go on nationwide strike opposing the service tax, saying the tax is imposed on goods transport agencies.
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