Small parties have the capacity to play both ends against the middle. Puducherry could be heading that way, points out Aditi Phadnis.
The increase in service tax from the 10 per cent to 12 per cent expected to impact the industry. This will negatively impact the industry. However, the reduction of cascading taxes by providing tax credits expected offset this. Also, the allowing 100 per cent deduction to the franchise model (operated by other) is positive to the sector.
The Cascading taxes has been reduced significantly by permitting utilization of input tax credits in a number of services such as catering, restaurants, hotel accommodation, pandal and shamiana and transport sectors.
Accounting regulator ICAI has called for excluding land value from the proposed service tax on the realty sector, saying land is a state subject.
Supporting the striking truck operators, the National Democratic Alliance on Wednesday asked the government to withdraw the proposed service tax on transport booking agents.
India all-rounder Yuvraj Singh's mother Shabnam on Friday sought to clear the air on reports that the her son owes a whopping 96.43 lakh in service tax on his income from the first and second Indian Premier League season, saying the King's XI Punjab batsman was paid only for playing and not promotional activity.
Investors and startup executives are calling for extending the period for an entity to be recognised as a startup from 10 to 15 years for deep-tech companies.
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.
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.
The Finance Minister attributed the large number of defaulters to benign provisions of the Service Tax Act.
India's brittle energy security is inextricably linked to two opposing paradigms - fossil fuels, and the transition to green energy. The first powers the present; the second paves the way for Viksit Bharat in 2047.
PAN mandatory for service tax registration: Fin Min
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.
10 stocks from the Nifty 200 index that offer good growth potential and scope to deliver decent returns from current levels, based on brokerage estimates.
The Directorate General of GST Intelligence (DGGI) has uncovered a fake input tax credit racket worth approximately 593 crore in Karnataka, leading to the arrest of the alleged mastermind.
Industry associations Ficci and CII have been termed liable for service tax. Ficci has approached government for exemption from the levy.
Apparently buckling under pressure, the government has decided to exempt cable multi-system operators (MSOs) from the service tax net.
Here are the key numbers to watch out for in the Union Budget for 2025-26:
The tribunal raised tax demand against several airlines, including Jet.
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.
The final list of bidders would be finalised only after the interested firms pay the earnest money deposit on June 30.
The revenue collection till November-end has grown by 67.31 per cent to Rs 4,445 crore from Rs 2,657 crore in the corresponding period of the last year.
The telecom industry topped the list in service tax collected by paying Rs 1,508.68 crore (Rs 15.09) in FY03. The government raised Rs 4,123 crore (Rs 41.23 billion) in the previous fiscal from service tax.
Building on last year's clearance of 172K cases, I-T department is pushing for faster appeal disposals, penalty reforms and system-driven processes to curb litigation and boost tax certainty.
The 2010-11 Finance Bill, tabled in Parliament, proposed to expand the scope of air transport services 'to include domestic journeys and international journeys in any class' for a 10 per cent service tax.
'The unregulated marketing has to stop. People are getting recommendations for this from gym trainers, from marriage counsellors -- that is simply unacceptable.' ''There are many ways to lose weight -- eat less, fast, exercise, eat healthy. That is how you lose weight.'
In a counter affidavit filed in the court, the department has said that temporary transfer of rights to copy in a limited manner will be chargeable to service tax.
A finance ministry official said since the service tax was capped at Rs 100 for domestic and Rs 500 for international travel, in many cases, the credit of tax paid on inputs used to provide services was more than the service tax paid by the airline.
The levy had to come into effect from April 1. It would now be in force from July 1.
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 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.
India's new manufacturing project announcements more than halved in the fourth quarter of FY26, falling 60 per cent sequentially and 78 per cent year-on-year to approximately 1.7 trillion, driven by global uncertainties, geopolitical conflicts in West Asia, and existing unutilised manufacturing capacity.
Finance minister Pranab Mukherjee included some more services within the service tax ambit in the Budget 2009-10.
