The government has broadened the ambit of services exempted from service tax for Special Economic Zones as services provided to these zones even from outside would not be taxable.
The Central Board of Excise and Customs (CBEC) have tightened noose on commercial renting of immovable property and telephone companies by receiving information through other sources to detect any possible evasion of service tax.
The new Foreign Trade Policy announced a slew of tax concessions to boost exports, which have been on the downslide since October 2008.
Finance minister Pranab Mukherjee included some more services within the service tax ambit in the Budget 2009-10.
With the scope of expanding excise and customs duties getting increasingly limited, the government would turn to service tax for widening the tax base, mop up from which is expected to fetch over Rs 10,000 crore by 2005.
Reserve Bank of India Governor Shaktikanta Das tells Anup Roy, Raghu Mohan and Niraj Bhatt that it is time for banks to lower interest rates and start lending to cash-starved finance companies after due credit appraisal and proper risk assessment.
Industry associations Ficci and CII have been termed liable for service tax. Ficci has approached government for exemption from the levy.
'Domestic will remain very much the core of what IndiGo is.' 'But the emphasis in our next growth phase is going to be on the international side.'
In a clear sign of the strength of the industrial comeback, excise duty collection for August registered a 22.7 per cent increase over last month, raising the government's hope of meeting the indirect tax mop-up target for the year.
Apart from Modi, Jaggi Vasudev to address 2-day tax officers' conference
The government is looking to plug loopholes in the Indian customs law provision that allows tax exemptions for gifts up to Rs 5,000 and trade samples up to Rs 10,000 sent to India from abroad.
The government raised import tariff value on gold to $385 per 10 grams.
FM is likely to introduce tax return prepares scheme for small service tax payers in the upcoming budget.
The Central Board of Excise and Customs has decided to prescribe time limits for various activities following representations from the trade and recommendations from the Comptroller and Auditor General of India
In January, Visa's chief executive officer, Al Kelly, said during an earnings call that "there's been a burst of the balloon in valuations in the fintech world". Noting that the trend of lower valuations "is a helpful characteristic of the current environment", he added: "We will look for capabilities and management teams that will bring more value to Visa than we can bring ourselves." Data from KPMG's Pulse of Fintech H2'22 shows that global fintech investment - via mergers and acquisitions (M&As), private equity (PE) and venture capital (VC) firms - at $164.1 billion in 2022, was down 31 per cent over the year before. Indian fintechs held up better during this timeframe, attracting $6 billion, or a fall of 24 per cent.
Countrywide raids are being conducted in connection with a money laundering case linked to a fertiliser scam.
When the Tatas re-boarded Air India on January 27 last year, the price of aviation turbine fuel was at over Rs 80,000 per kilolitre. Rupee was trading at around Rs 74 to a US dollar. The Omicron variant of Covid-19 was in prevalence - barely a week earlier, India had reported over 340,000 cases on a single day. Seven-day home quarantine of international travellers was the norm.
Two Central Board of Excise and Customs staffers, Raman and Suresh, based in Trichy, Tamil Nadu, have set up a Web site based on the 6th Pay Commission recommendations and dedicated exclusively to government employees.
Stick to low-cost ULIPs launched in the past few years. Go with an insurer with a good investment team and solid track record of long-term returns, suggests Sanjay Kumar Singh.
The Central Board of Excise and Customs has been empowered to frame a scheme for preparation and filing of service tax returns through service tax return preparers, similar to the tax return preparer scheme for income tax introduced in 2006. The performance of the TRP scheme so far, however, indicates that it is in need of fine tuning - in terms of recruitment, training and remuneration - to become more effective and serve as a benchmark for the STRP scheme.
Contribution of the service sector in the GDP is 56 per cent but the share of the service tax in the GDP is just 1.1 per cent, Chairman of Central Board of Excise and Customes P C Jha said in a interaction meeting organised bythe Bangalore Chamber of Industry and Commerce on Friday night.
The revenue department is examining the service tax on industry and service providers, particularly in the telecom sector, to ensure that there is no incidence of double taxation, an official of the department said.
Seven more services such as commercial property renting, fax, pager and content for telecom will become costlier from June 1 with the government bringing these services under the tax net.
the defence ministry told Parliament on Monday that foreign procurement in defence has risen to Rs 50,061 crore (Rs 500.61 billion) in 2021-2022 from Rs 37,030 crore (Rs 370.30 billion) in 2017-2018.
Finance Minister Nirmala Sitharaman on Thursday said taxpayer base has almost doubled to 1.28 crore in four years of rollout of the historic tax reform and the enhanced GST mop up in the recent months should now be the "new normal". In a written message to tax officers on the fourth anniversary of GST rollout, she said implementing any reform of this scale in a large and diverse country like India can be highly challenging, but GST has brought about ease in taxpayer compliance and reduced common man's tax burden.
The government on Friday hiked the import tariff value on gold to $363 per 10 gram in line with global prices.
The import tariff value is the base price at which the customs duty is determined.
The issue is set to be discussed early next week as the commerce department meets with industry bodies to discuss the widening supply gap for key imports.
Gold prices were ruling at Rs 26,385 per ten gram at the bullion market while silver was quoted at Rs 34,000 per kg.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances