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News - (Get Professional Updates on Whatsapp, Msg on 8285393786) Category : Service Tax

Insurers face Rs 300cr tax recovery
Posted Date : 08-Oct-2012 , 08:04:46 am | Posted By CASANSAAR

Tax authorities have sought to recover service tax of around Rs 300 crore from several insurance companies alleging that there have been disguised commission payments by life companies and no levy has been paid on it.   Life insurers have confirmed that there have been enquiries aro...

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Category : Service Tax | Comments : 0 | Hits : 262

Railways to levy service tax on transportation of parcel traffic
Posted Date : 07-Oct-2012 , 11:37:49 am | Posted By CASANSAAR

Indian Railways has decided to levy service tax on transportation of parcel traffic.   Since an abatement of 70 per cent has been permitted on freight for the taxable commodities by the Ministry of Finance, the Service Tax will be charged on 30 per centof the total freight inclusive...

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Category : Service Tax | Comments : 0 | Hits : 268

Rail parcel included under 3.708 per cent service tax ambit from Oct 1
Posted Date : 04-Oct-2012 , 07:46:31 am | Posted By CASANSAAR

Rail parcel except personal baggage,agriculture produce and few other commodities has also been included under the ambit of service tax of 3.708 per cent from October 1, Railways said today. "Service tax will be applicable for transportation of all leased and non-l...

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Category : Service Tax | Comments : 0 | Hits : 286

Levy of Service Tax on Railway Passengers Travelling in AC Classes/First Class from tomorrow i.e. 1st October 2012
Posted Date : 30-Sep-2012 , 08:17:40 pm | Posted By CASANSAAR

Levy of Service Tax on Railway Passengers Travelling in AC Classes/First Class from tomorrow i.e. 1st October 2012 No Service Tax to be Levied on Tickets Issued Prior to 1st October 2012 In Case of Cancellation of Tickets Issued on or after 1st October 2012, the Applicable Amount Inc...

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Category : Service Tax | Comments : 0 | Hits : 446

No service tax on railway tickets booked before Oct 1
Posted Date : 29-Sep-2012 , 08:52:25 am | Posted By CASANSAAR

Passengers who have booked AC train tickets before October 1 will not have to pay service tax imposed by the finance ministry, the railways clarified on Friday. Also, in case of cancellation of tickets booked on or after October 1, the refundable amount will include service tax. After a public out...

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Category : Service Tax | Comments : 0 | Hits : 337

Service tax refund may pose a problem to rail passengers
Posted Date : 28-Sep-2012 , 08:08:32 am | Posted By CASANSAAR

The notification, levying service tax on high-end railway passenger fares, cargo and auxiliary services from October 1 just might leave passengers in the lurch in case they prefer to cancel their tickets as it would not be the job of the railways to refund the levied tax.   The service tax on...

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Category : Service Tax | Comments : 0 | Hits : 450

Service tax on AC and first class rail fares from Oct.1
Posted Date : 27-Sep-2012 , 08:06:11 am | Posted By CASANSAAR

Service tax will be levied on high-end passenger classes, freight and auxiliary services rendered at railway stations from October 1.   The decision was taken on Wednesday at a meeting between Railway Minister C.P. Joshi and Finance Minister P. Chidambaram.   Fares of air-conditioned c...

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Category : Service Tax | Comments : 0 | Hits : 436

Bringing Indian Railways into service tax net will help organisation's finances
Posted Date : 18-Sep-2012 , 07:59:36 am | Posted By CASANSAAR

Indian Railways (IR) is supposed to charge service tax on rail users from next month.However, railway minister and Trinamool Congressleader Mukul Roy is said to be resisting the plan. He should not. The IR is a very large service provider and the case for bringing it under the ta...

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Category : Service Tax | Comments : 0 | Hits : 288

TDS on service tax kept in abeyance
Posted Date : 10-Sep-2012 , 08:56:05 am | Posted By CASANSAAR

A proposal to introduce the TDS (Tax Deducted at Source) mechanism for service tax on the lines of income tax has been put on the back burner. The finance ministry is instead thinking of expanding the list of services on which the tax would be levied under the reverse charge mechanism.   At p...

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Category : Service Tax | Comments : 0 | Hits : 704

Govt sends notices to pharma cos for non-payment of service tax
Posted Date : 08-Sep-2012 , 09:17:53 am | Posted By CASANSAAR

The government said it has served show cause notices to manufacturers of pharmaceutical products who have failed to pay service taxes worth hundreds of crores of rupees.   “Show cause notices have been issued to such manufacturers (of pharmaceutical products) for recovery of service tax...

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Category : Service Tax | Comments : 0 | Hits : 338

No service tax on vocational courses by govt institutions
Posted Date : 01-Sep-2012 , 08:26:21 am | Posted By CASANSAAR

"When a VEC is offered by an institution of the government or a local authority, question ofservice tax does not arise," the Central Board of Excise and Customs (CBEC) said in a circular.   The CBEC has issued the circular in view of the doubts expressed in respect of levy of s...

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Category : Service Tax | Comments : 0 | Hits : 453

Applicability of Service Tax on Commission Payable to Non-Whole Time Directors of a Company Under Section 309 (4) of the Companies Act, 1956 - Approval of Central Government
Posted Date : 18-Aug-2012 , 07:17:48 am | Posted By CASANSAAR

The Ministry of Corporate Affairs has decided that any increase in remuneration of Non-Whole time Director (s) of a Company solely on account of payment of service tax on commission payable to them by the company shall not require approval of Central Government under section 309 and 310 of the Compa...

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Category : Service Tax | Comments : 0 | Hits : 475

Service tax relief for non-executive directors
Posted Date : 10-Aug-2012 , 09:49:13 am | Posted By CASANSAAR

Non-executive directors have got service tax reprieve. The Finance Ministry has said that the company –not the non-executive director – has to fork out service tax on payments to such directors.   The service tax will be entirely collected from the company concerned under a revers...

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Category : Service Tax | Comments : 0 | Hits : 788

Companies to pay service tax on insurance, phone and transport perks
Posted Date : 30-Jul-2012 , 07:47:39 am | Posted By CASANSAAR

Firms providing insurance cover, phone or car for personal use to its staff as part ofcompensation package will have to pay service tax on the benefit extended.Independent directors would also be liable to service tax on the remuneration paid to them, according to changes propose...

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Category : Service Tax | Comments : 0 | Hits : 504

No service tax on NRI remittances: FinMin
Posted Date : 10-Jul-2012 , 05:08:48 pm | Posted By CASANSAAR

On Tuesday, the government said remittances from abroad will not attract service tax, putting to rest the concerns raised in view of new tax norms. "The matter has been examined and it is clarified that there is no service tax % on the amount of foreign currency remitted to India from overseas,...

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Category : Service Tax | Comments : 0 | Hits : 345

Punjab seeks withdrawal of proposed tax on NRI remittances
Posted Date : 09-Jul-2012 , 07:10:08 am | Posted By CASANSAAR

Punjab Chief Minister Parkash Singh Badal today asked Prime Minister Manmohan Singh to immediately withdraw any proposal to impose 12.36 per cent tax on remittances from NRIs. In a letter to the Prime Minister, Badal said that it has come to his notice that the Un...

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Category : Service Tax | Comments : 0 | Hits : 324

No service tax on remittances to India by NRIs: PM
Posted Date : 04-Jul-2012 , 07:55:54 am | Posted By CASANSAAR

Prime Minister Manmohan Singh has dismissed reports of any plan to bring under the service tax ambit foreign remittances by overseas Indians, Kerala Chief Minister Oommen Chandy said today.   Singh has also sought details from the Finance Ministry on the issue, said Chandy who raised objectio...

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Category : Service Tax | Comments : 0 | Hits : 414

Railways out of service tax net till September 30
Posted Date : 03-Jul-2012 , 07:46:13 am | Posted By CASANSAAR

Ahead of the Presidential election, the Trinamool Congress has successfully pressured the Union government into granting yet another term of exemption of service tax on high-end passenger fares and cargo freight for three months.   Prime Minister Manmohan Singh, in his capacity as Finance Min...

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Category : Service Tax | Comments : 0 | Hits : 370

No clarity on service tax application to train fares
Posted Date : 02-Jul-2012 , 08:29:45 am | Posted By CASANSAAR

A rise in railway fares, under the new service tax regime, was not effected today due to a confusion over whether the railways had been exempted from it, officials said.   "No hike has been effected on rail passenger fares from today," said a railway ministry official.    If broug...

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Category : Service Tax | Comments : 0 | Hits : 315

New service tax regime to make speed post, holidaying costlier
Posted Date : 01-Jul-2012 , 09:46:32 pm | Posted By CASANSAAR

Speed post and express parcel service of post office, earnings of TV and theatre artists will come under the 12% service tax bracket from Sunday with the government embracing the new service tax regime based on negative list. From now, with the exception of 38 services, which figure in the ...

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Category : Service Tax | Comments : 0 | Hits : 405

New service tax regime comes into force from tomorrow
Posted Date : 30-Jun-2012 , 10:50:04 pm | Posted By CASANSAAR

The new service tax regime comes in to force from tomorrow. All services except the 38 services figuring in the negative list will attract 12 per cent service tax. The government has widened the definition of 'Services' to bring in more activities under the tax net. Till now, 119 services has com...

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Category : Service Tax | Comments : 0 | Hits : 577

Education cess on service tax to continue under new regime
Posted Date : 30-Jun-2012 , 08:06:21 am | Posted By CASANSAAR

The education cess on service tax will continue to be imposed even after the switchover to the negative list system.   The Joint Secretary (Tax Research Unit) of the Central Board of Excise and Customs, Mr V.K. Garg, in a letter to all Chief Commissioners of Excise and Customs, clarified that...

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Category : Service Tax | Comments : 0 | Hits : 331

All eyes on PM as service tax on rail freight comes into force from July 1
Posted Date : 28-Jun-2012 , 08:54:48 am | Posted By CASANSAAR

Come July 1, rail freight users will have to fork out service tax on transport of goods by rail.   The existing service tax exemption, which is due to expire on June 30, will not be extended beyond the end of this month. This is because the Finance Ministry has gone ahead and notified a 70 pe...

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Category : Service Tax | Comments : 0 | Hits : 443

First Class and AC railway passengers to pay service tax from July 1
Posted Date : 27-Jun-2012 , 08:10:03 am | Posted By CASANSAAR

The Railways have decided to impose service tax on First Class, AC Classes and freight rates from July 1.   With the Finance Ministry not having included the Railways in the exemption list issued on Wednesday, the Railway Board is preparing to levy a 12 per cent service tax that was proposed ...

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Category : Service Tax | Comments : 0 | Hits : 470

Changes in service tax structure will have great impact on GST
Posted Date : 26-Jun-2012 , 07:50:55 am | Posted By CASANSAAR

The recent announcement by the government on the changes in the services tax structure will have a positive impact on the goods and services tax (GST), according to JM Kennedy, director of Tax Research Unit, a part of the Central Board of Excise & Customs (CBEC).   “As the country i...

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Category : Service Tax | Comments : 0 | Hits : 463

14 more services come under tax-exempt negative list
Posted Date : 21-Jun-2012 , 08:35:09 am | Posted By CASANSAAR

Finance Minister Pranab Mukherjee on Wednesday announced tax exemption for 14 more services, which have been included in the negative list that is set to kick in on July 1. Sale of businesses, services of lawyers to small firms and construction of metro and monorail will not attract service tax. Als...

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Category : Service Tax | Comments : 0 | Hits : 1765

FM releases booklet on new law relating to service tax – new exemptions announced
Posted Date : 21-Jun-2012 , 08:28:07 am | Posted By CASANSAAR

STEP CLOSER TO THE GOODS AND SERVICE TAX (GST) PRESS RELEASE, dated 20-6-2012   1. In a function held today (20-6-2012) in North Block, Hon’ble Finance Minister released the Guidance Paper on the new approach to service tax. The public release of the Guidance Paper marks the culminatio...

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Category : Service Tax | Comments : 0 | Hits : 577

Postpone implementation of new service tax regime: CBEC panel
Posted Date : 20-Jun-2012 , 07:11:58 am | Posted By CASANSAAR

A CBEC panel wants the new service tax regime, which is scheduled for implementation from July 1, be deferred by 3-4 months as more time is needed to put in place the required framework. Under the new regime, service tax will be levied on all but 17 services -- lottery, betting and gamblin...

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Category : Service Tax | Comments : 0 | Hits : 1405

Service tax on railway freight from July 1
Posted Date : 08-Jun-2012 , 07:33:27 am | Posted By CASANSAAR

Close on the heels of railways increasing parcel rates by 25 per cent, the freight charges will go up by about 3.6 per cent from July 1 with imposition of service tax.   "The government had given service tax exemption on goods carried by railways till June 30, 2012. From July 1 using railways...

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Category : Service Tax | Comments : 0 | Hits : 879

Negative list of Services applicable w.e.f. 01.07.2012
Posted Date : 07-Jun-2012 , 07:52:11 am | Posted By CASANSAAR

(a)  Services by Government or a local authority excluding the following services to the extent they are not covered elsewhere:  (i)  services by the Department of Posts by way of speed post, express parcel post, life insurance and agency services provided to a person other...

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Category : Service Tax | Comments : 1 | Hits : 2895

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