Many of the legal outfits, which provide consultancy services to corporates that include drafting merger and acquisition agreements, preparing MoUs, rendering advice etc, operate as sole proprietorships.
The Securities and Exchange Board of India (Sebi) has intervened in the matter concerning alleged irregularities by Trafiksol ITS Technologies, which had come out with a Rs 45 crore initial public offering (IPO) last month. In an ex-parte order, the market regulator has said it will undertake a detailed examination into the disclosures made by the small and medium enterprise (SME) company in its draft offer document. BSE had halted the listing of Trafiksol, a software provider for traffic systems, amid complaints around use of the issue proceeds and wrongful disclosures.
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 Haj Committees and Kumaon Mandal Vikas Nigam Ltd, which organise the religious pilgrimages will not have to Service Tax.
The Supreme Court on Wednesday rejected the Board Of Control For Cricket In India's plea against a tribunal order asking it to pay around Rs 18 crore as service tax for video graphing matches and selling the feed to private sport channels.
In a relatively rare occurrence, the growth in manufacturing jobs exceeded the pace of sector growth in 2022-23 (FY23). The number of persons engaged in the segment grew by 7.43 per cent in FY23, according to figures from the Annual Survey of Industries (ASI) released on September 30. The gross value added for the manufacturing sector grew by 4.24 per cent in current prices and declined by 2.2 per cent in real terms for FY23, according to earlier annual figures released by the government.
If growth reverts to the pre-Covid level, a lot of people may have to temper their rosy optimism, points out Debashis Basu.
Chidambaram said that of the total 17 lakh (1.7 million) registered service tax payers, only seven lakh of them were paying the levy.
The new circular issued by the tax research unit of CBEC on June 19 says, "CAG would not be covered by the service head Business Support Service."
'Within India, people want high-quality, personalised banking services, and the demand for such services has exploded.'
State FMs okay list of tax-exempt services with certain riders.
The video clip shows Sitharaman purportedly giving a bite to the media and terming Goods and Services Tax as the Gopaniya Suchna Tax. It was shared by one Chirag Patel on his X handle.
Traders on Tuesday threatened to launch a nation-wide agitation to protest against imposition of service tax.
Move seen as prelude to GST rollout; rules for Cenvat credit also likely to be simplified.
The Reserve Bank of India's (RBI's) State of the Economy report for October acknowledged a slowdown in some high-frequency indicators but expressed confidence in a recovery, aided by consumption demand during the festival season. "In India, aggregate demand is poised to shrug off the temporary slowdown in momentum in the second quarter of 2024-25 as festival demand picks up pace and consumer confidence improves," said the report released on Monday.
Room for rise of up to 2 percentage points, move to help meet higher expenditure need in FY17
The government on Tuesday announced certain incentives as part of efforts to boost maintenance, repair and overhaul activities in the country's aviation and shipping sectors. India is one of the fastest growing domestic aviation markets in the world.
The Union finance ministry may have to battle it out in court with the sponsors of the Indian Premier League cricket tournament to make them comply with its service tax payment demands.
Finance Minister Pranab Mukherjee had proposed to introduce a service tax of five per cent on hotel room charges and three per cent on air-conditioned restaurants that serve liquor.
Government will get an additional tax of Rs. 2,110 crore from proposed changes.
As per norms, the returns have to be filed online on www.aces.gov.in.
Earlier, the customer paid service tax on 1 per cent of the premium. From the next financial year, this will go up to 1.5 per cent.
News agencies, which fulfill certain criteria, are to be exempted from payment of service tax, Finance Minister Pranab Mukerjee said on Friday.
The Associated Chambers of Commerce and Industry of India has sought the restoration of Notification in the Finance Bill 2005-06
The Union Budget, while keeping the service tax rate unchanged at 10 per cent, has expanded its ambit to include services provided by legal consultancy and advisory firms. The tax would, however, not be applicable if the service provider or receiver is an individual.
Seeking to allay fears of traders who have threatened to go on a nationwide strike opposing the service tax, the government on Tuesday said the liability to pay the tax is on goods transport agencies.
Total disputed liability of Mallya with respect to service tax to the tune of Rs 535 cr
Both life insurance and medical insurance premiums are subject to an 18 per cent GST rate.
Leading FMCG maker HUL said that it has received a demand notice of Rs 962.75 crore from the Income Tax Department and will go in for an appeal against the order. The notice relates to non-deduction of TDS on payment of Rs 3,045 crore to GlaxoSmithKline Consumer Healthcare (GSKCH) for the acquisition of Intellectual Property Rights of the Health Foods Drinks (HFD) business consisting of brands as Horlicks, Boost, Maltova, and Viva, according to a recent exchange filing.
Ministry will give relief to exporters through a mechanism that will enable a timely refund of credit balance and time-bound refund of additional duty of customs.
Gross GST collections in August grew 10 per cent to about Rs 1.75 lakh crore, reflecting higher domestic consumption. As per the government data released on Sunday, gross GST revenues from domestic transactions grew 9.2 per cent to about Rs 1.25 lakh crore. Revenues from import of goods were up 12.1 per cent to Rs 49,976 crore.
In a development that may encourage increased investment in commercial real estate, the Supreme Court on Thursday gave the industry relief by permitting input tax credit (ITC) on construction expenses for buildings meant to be leased. "If the construction of a building was essential for carrying out the activity of supplying services, such as renting or giving on lease or other transactions in respect of the building or a part thereof, which are covered by clauses (2) and (5) of Schedule II of the CGST (Central Goods and Services Tax) Act, the building could be held to be a plant," said Justice Abhay S Oka and Justice Sanjay Karol.
Some restaurants and hotels are adding 'service charges'.
The Group of Ministers (GoM) on goods and services tax (GST) rate rationalisation, which convened in Goa on Wednesday, reviewed the GST rates for over 100 items, including textiles, handloom goods, agricultural products, fertilisers, and educational materials. However, no consensus was reached on any of the items, with further discussions scheduled for next month in Delhi.
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