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 has set the indirect tax collection target for the current fiscal at Rs 3.92 lakh crore (Rs 3.92 trillion) and for direct taxes at Rs 5.32 lakh crore (Rs 5.32 trillion).
We thought if tax rates were not increased, manufacturing units would have more profits and that would be further invested in growth. Automatically, with growth, taxes go up.
Ahead of Union Budget, the government on Thursday said it hopes to exceed the indirect tax collection estimate of Rs 3.36 lakh crore for this fiscal in view of the buoyancy in the economy.
The instructions cite service rules that bar any government servant from making any adverse criticism of any policy or action of the government.
EPFO manages a corpus of about Rs 257,000 crore with subscribers' base of over 4.5 crore.
Electronic filing of service tax will be made compulsory in the next two months," CBEC member Y G Parande told reporters on the sidelines of a PHD chamber seminar.
The Central Board of Excise and Customs on Tuesday said that tax rates under the proposed Goods and Services Tax regime in India is likely to be between 16 per cent and 20 per cent.
Last week, the Central Board of Excise and Customs notified that a service tax of 10 per cent would be levied on the gross value of a housing property under construction from July 1.
The Central Board of Excise and Customs (CBEC) has started tightening the noose around tax evaders. This year, the department intends to profile banking and financial services, port services and business auxiliary services to pinpoint taxability of various components to enforce compliance. More services will be profiled in subsequent years.
"We have clarified we are giving 50 per cent abatement and in the course of time when the GST is coming most of the services will be there. We are not touching common man because government hospitals are out, less than 25 beds are out," Central Board of Excise and Customs Chairman S Dutt Majumder said on the sidelines of a CII post-Budget event.
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) has recommended an overhaul of the Special Economic Zone (SEZ) Act 2005 saying it has detected gross violations of duty and tax concessions causing it to suffer a revenue loss of Rs 1,75,000 crore to date.
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.
Six years after the rollout of the biggest indirect tax reform in India, Goods and Services Tax (GST) revenue of Rs 1.5 lakh crore every month has become a new normal and tax officers are focusing on dealing with fraudsters who are adopting newer modus operandi to game the system, causing loss to the exchequer. To apprehend black sheep, who operate as syndicates and create fake entities on the basis of forged documents to claim input tax credit (ITC), tax officers have started using data analytics, artifical intelligence and machine learning aiming to curb evasion, which was over Rs 3 lakh crore since inception of GST. It was over Rs 1 lakh crore in 2022-23. Thinktank Global Trade Research Initiative (GTRI) said the most critical pending GST reform is upgradation of GST Network to prevent fake supplies and fraudulent claims of Input Tax Credit (ITC).
Industry associations Ficci and CII have been termed liable for service tax. Ficci has approached government for exemption from the levy.
Officials say that such a list, to be updated on a real-time basis, will serve as a ready reckoner in identifying those committing multiple economic offences
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
FM is likely to introduce tax return prepares scheme for small service tax payers in the upcoming budget.
The Directorate of Revenue Intelligence, the lead agency to check customs frauds and smuggling, has decided to post officers at India's Mission in New York (US), Singapore, Brussels (Belgium) and in Nepal's Birgunj.
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.
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 import tariff value is the base price at which the customs duty is determined.
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 Indian finance ministry has sought the help of forensic experts in major locations to detect and handle explosives and radioactive material in metal scrap.
As many as 12,394 complaints of alleged corruption were received against railway employees.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances