TDS has been successfully used for direct taxes like the income tax.
Maruti Suzuki Chairman R C Bhargava is pushing for increased government incentives for biogas-powered vehicles over hybrids, emphasising their net-zero carbon emissions and the valuable organic manure they produce, while also advocating for continued GST benefits for electric vehicles.
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.
HDFC Life Insurance and ICICI Prudential Life Insurance have reported double-digit growth in profitability for the first quarter of FY27, buoyed by healthy premium collections and increased investment income, with HDFC Life's net profit rising 11.9% and ICICI Pru's by 27.8%.
The finance ministry is instead thinking of expanding the list of services on which the tax would be levied under the reverse charge mechanism.
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.
ICICI Bank has received a demand notice of 768.6 crore from tax authorities for alleged short payment of GST, related to services provided to customers maintaining minimum balances.
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.
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.
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.
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.
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.
Education sector experts agree that using the "best technology" was essential to ensure students did not have to sit for an examination all over again because of a question paper leak.
VinFast has gone from an unknown brand to India's fifth-largest EV carmaker in just seven months, but its toughest battle is only beginning.
The Central Excise and Service Tax Appellate Tribunal ordered the BCCI pay Rs three crore interim payment towards service tax dues.
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.
Bharti Airtel, India's second-largest telecom operator, reported a 37.3 per cent rise in consolidated net profit to 8,167 crore for Q1 FY27, driven by the addition of high-paying premium customers, despite missing Bloomberg consensus estimates.
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.
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.
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.
Each year, the service tax regulations are tweaked in order to make the tax levy more effective
Indian benchmark indices Sensex and Nifty ended flat on Tuesday, with the Sensex dipping nearly 70 points, as investor sentiment turned cautious ahead of crucial global central bank policy meetings and a significant sell-off in Asian markets.
As per norms, the returns have to be filed online on www.aces.gov.in.
Total disputed liability of Mallya with respect to service tax to the tune of Rs 535 cr
More services such as ATM operations are proposed to be brought within the service tax net.
'Healthy double-digit returns are still possible, though a sharp rally is unlikely.'
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.
Interest, penalty and other consequences will be waived.
