Service tax waived for online train ticket booking till Dec 31
The government has already allowed reimbursement of service tax on about 19 services used by exporters while selling goods overseas. These include commission paid to foreign agents whose services are subscribed by exporters to book orders with overseas clients. However, a list of 16 services used by exporters is not reimbursed. These include service tax paid on bank charges, packaging services and travel agents' services.
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.
Announcement of an increase in prices will dampen the affordable housing business at a time when realtors already face razor-thin margins.
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.
Service tax on AC class train fare will not be realised on tickets purchased before October 1 as railways modified its earlier decision on it.
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.
The Revenue Department has extended the deadline by one month to November 25 for filing of service tax returns for the April-June quarter, as it has not been able to provide electronic return form in time.
GST collections in July rose 10.3 per cent to over Rs 1.82 lakh crore, mainly driven by domestic transactions in goods and services, according to official data released on Thursday. This is the third-highest-ever monthly collection recorded since the indirect tax regime was rolled out 7 years ago on July 1, 2017. According to the data, total refunds stood at Rs 16,283 crore in July.
Under the service tax law, certain services get exemptions.
Stocks to watch: Container Corp, Snowman Logistics & Transport Corp
The finance ministry is instead thinking of expanding the list of services on which the tax would be levied under the reverse charge mechanism.
The government said remittances from abroad will not attract service tax, putting to rest the concerns raised in view of new tax norms.
The government on Saturday came out with the modalities of the constitutional amendments to enable states to collect and appropriate service taxes, a Bill for which would be introduced in the Budget session of Parliament next year.
Investments in real estate have just got a bit costlier. Since April 2010, an additional amount in the form of service tax is being collected from buyers, on under construction properties. So what is this service tax and who is deemed to pay it?
'Developers are into profit-making. And there's not too much money in the affordable segment.' 'So, they don't do affordable housing.'
The country's gross GST collections rose to Rs 1.73 lakh crore in May, growing 10 per cent year on year driven by increased revenues from domestic transactions, the finance ministry said on Saturday. GST collections had touched a record high of Rs 2.10 lakh crore last month.
The Central Excise Department said it has slapped service tax of Rs 6 crore on the Preity Zinta co-owned KPH Dream Cricket, which is part owner of IPL franchise Kings XI Punjab.
'We can hope to see a lot of creation of jobs in the days to come.'
Bharat Sanchar Nigam Ltd is all set to emerge as a major service tax payer to the central government with the amount expected to touch Rs 1,800 crore (Rs 18 crore) during 2003-04.
The finance ministry is considering meeting a key demand of truckers by easing procedural issues and raising the abatement on service tax.
According to sources in the Excise department, the Sahara Airlines, while submitting opinion of its Chartered Accountant on service tax, had allegedly backdated it to 2003 in which it was stated that Rs 1442 crore (Rs 14.42 billion) income from advertising services provided to its group company was not taxable under advertising services.
'Banks may find small ticket size lending economically unviable due to the cost of branch operations.'
'I am very happy to see that the work is starting to bear some fruit now.'
Economic think-tank NCAER has said that service tax will go up by one per cent per annum in the next four years, following the government's decision to introduce goods and services tax from April 1, 2010.
If states are to levy service tax, a combined GST will become a nightmare since a host of tax departments in each state will also have to be dealt with.
No one appeared for Mallya and Kingfisher Airlines on Friday.
Each year, the service tax regulations are tweaked in order to make the tax levy more effective
The finance minister also provided some relief to readymade garment manufacturers by raising the abatement available for levy of taxes on retail price of some branded garments and textile made-ups.
Hinting at the possibility of the Budget proposal for imposition of service tax on 25-bed hospitals and diagnostic check-ups being rolled back, the government has said it is willing to discuss the issue.
The Labour and Employment Ministry has requested the Finance Ministry to keep Employee State Insurance and Employee State Insurance schemes out of the ambit of service tax as they are social security schemes.
The 5per cent service tax (effectively on whole amount) on services on Private hospitals with 25 or more beds have central air-conditioning facilities and to diagnostic tests of all kinds make the health services costlier to the patients as the hospitals tend to pass the same to the patients.
Highlights of the Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman in Lok Sabha on Tuesday.
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