With 7 per cent economic growth, India is not creating enough jobs as reflected by the number of applicants for vacant posts in some states, Reserve Bank's former governor Raghuram Rajan said and suggested the government needs to focus on promoting labour-intensive industries to generate employment. Rajan further said some Indians, especially those at upper level, are comfortable and have high incomes, but consumption growth from the lower half of the country has still not recovered to pre-pandemic level.
PAN mandatory for service tax registration: Fin Min
TDS has been successfully used for direct taxes like the income tax.
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.
Common return for excise duty and service tax was envisaged when 119 services were taxed.
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.
The Central Excise and Service Tax Appellate Tribunal ordered the BCCI pay Rs three crore interim payment towards service tax dues.
The life insurance industry does not have a good track record when it comes to passing on tax benefits to policyholders, points out Harsh Roongta.
The government seems to be contradicting its earlier clarification that "computer-enabled services, namely, back office processing, shall not be subject to service tax", opines Sachin Menon and Prasad Paranjape.
About 1.2 trillion tax evasion cases have been detected and as many as 59,000 entities identified for verification in order to ascertain whether they are fake.
The Point of Taxation Rules, first introduced during the Union Budget in February, says service tax, which was so far paid after the collection of dues from clients, would now have to be paid on the 5th or 6th of every month once the invoice for the service was raised.
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.
'Developers are into profit-making. And there's not too much money in the affordable segment.' 'So, they don't do affordable housing.'
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.
GST collections in July rose 10.3 per cent to over Rs 1.82 lakh crore, mainly driven by domestic transactions in goods and services, according to official data released on Thursday. This is the third-highest-ever monthly collection recorded since the indirect tax regime was rolled out 7 years ago on July 1, 2017. According to the data, total refunds stood at Rs 16,283 crore in July.
'We can hope to see a lot of creation of jobs in the days to come.'
The penalty can be a maximum 50 per cent of the tax.
The Central excise department slapped a notice on King's XI Punjab cricketer Yuvraj Singh seeking payment of service tax to the tune of Rs 1.15 crore raised on his income from two seasons of Indian Premier League (IPL) and endorsements.
'Banks may find small ticket size lending economically unviable due to the cost of branch operations.'
Move a step towards goods and services tax.
'I am very happy to see that the work is starting to bear some fruit now.'
The government is considering to enact Service Tax Act and is likely to allow states to levy the tax on local items after nationwide value-added tax is introduced, a senior official of Central Board of Excise and Customs said on Thursday.\n\n\n\n
The country's gross GST collections rose to Rs 1.73 lakh crore in May, growing 10 per cent year on year driven by increased revenues from domestic transactions, the finance ministry said on Saturday. GST collections had touched a record high of Rs 2.10 lakh crore last month.
The Finance Minister attributed the large number of defaulters to benign provisions of the Service Tax Act.
The tribunal raised tax demand against several airlines, including Jet.
At present, the service tax rate stands at 12 per cent. Added to this is a 2 per cent education cess, bringing the incidence to 12.24 per cent.
More services such as ATM operations are proposed to be brought within the service tax net.
May adopt dtrict action including prosecution and property attachment.
The meeting is likely to be attended by a number of leading developers, including realty firms DLF and Unitech.
The Union civil aviation ministry would take up the issue with the finance ministry, Patel said, expressing the hope that the latter would respond favourably to the civil aviation ministry's representation.
The ministry of civil aviation will seek a complete rollback of service tax levied on domestic air travel in the recent Budget, Civil Aviation Minister Praful Patel said on Wednesday.In his Budget speech on February 26, Finance Minister Pranab Mukherjee had proposed a service tax of 10 per cent on both domestic and international travel. Earlier, the service tax was restricted only for international travel.
In the midst of a tax probe into finances of IPL, authorities have issued notices to several sponsors of the first edition of the Twenty20 event, including DLF, Adidas and Religare for non-payment of service tax.
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