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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Service Tax |
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All services except 17 in the negative list, will be taxed from July 1
Posted Date : 06-Jun-2012 , 06:12:47 pm | Posted By CASANSAAR
All services except 17 in the negative list, will be taxed from July 1, the Finance Ministry has said. Under the 'negative list' approach, services specified in the list will remain outside the tax net.
The government has widened the definition of 'Services' to bring in more activities under the ta...
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Service Tax |
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Service tax notice sent to Govt auditor
Posted Date : 02-Jun-2012 , 07:20:26 am | Posted By CASANSAAR
Nagpur's Central Excise and Service Tax Department has sent a notice to government auditor, the Comptroller and Auditor General (CAG), stating that it has not paid its service tax.Inquiries reveal that the CAG received Rs around 3.3 crore from three organisations in Nagpur in the last five years for...
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Service Tax |
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Baba Ramdev's trust asked to pay Rs 4.94 crore in service tax for yoga camps
Posted Date : 01-Jun-2012 , 07:20:43 am | Posted By CASANSAAR
Baba Ramdev's Patanjali Yogpeeth Trust is in more trouble. This time for service tax evasion of Rs 4.94 crore payable on the income generated from "yoga shivirs (camps)" organized across the country.The trust was issued notice by the Directorate of Central Excise Intelligence recently afte...
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Service Tax |
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Don't levy service tax on valuers: High court
Posted Date : 19-May-2012 , 07:14:54 am | Posted By CASANSAAR
The government cannot levyservice tax on land valuers because they are not necessarily consulting engineers, the Gujarat high court said while exempting the property assessors from paying service tax.
After the service tax was introduced in 1994 through an amendment in the Finance...
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Service tax on rly freight from July 1
Posted Date : 12-May-2012 , 08:17:04 am | Posted By CASANSAAR
Using the Railways to transport goods would become more expensive from July 1, with the government bringing the sector under the service tax net. The move, while being inflationary, would further reduce competitive edge of the national transporter against the road sector.
Accordi...
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Service Tax |
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Core services of APMCs not to attract service tax: CBEC
Posted Date : 04-May-2012 , 07:51:21 am | Posted By CASANSAAR
Agricultural Produce Marketing Committee's services other than its core service will attract tax, the Central Board of Excise and Customs has said
The board has said as statutory bodies APMCs provide basic facilities out of the 'market fee' collected from the licensees mainly to facilit...
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Service Tax |
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Civil Aviation Ministry opposes hike in service tax
Posted Date : 26-Apr-2012 , 05:56:11 pm | Posted By CASANSAAR
Civil Aviation Ministry is learnt to have strongly opposed the budget proposal imposing a four-time hike in service tax on air travel, terming it a retrograde step that would hit fliers and airlines very hard. Ahead of the passage of the Finance Bill in Parliament, Civil Aviation Minister Ajit S...
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Service Tax |
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Committee Constituted to review the Scheme for Electronic Refund of Service Tax Paid on Taxable Services used for Export of Goods
Posted Date : 11-Apr-2012 , 07:34:40 am | Posted By CASANSAAR
A Committee has been constituted with Director General of Service Tax Smt. Sanghamitra Panda as Chairperson to review the scheme for electronic refund of service tax paid on taxable services used for export of goods. Other members of the Committee are Commissioner of Service Tax, Mumbai-1, Shri Sush...
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Service Tax |
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CBEC detects Service tax & Excise Evasion of Rs. 10286.73 Crore
Posted Date : 11-Apr-2012 , 07:33:44 am | Posted By CASANSAAR
The Central Board of Excise and Customs(CBEC ) has detected a total Central Excise and Service Tax evasion amounting to Rs.3333.28 crore and Rs.10286.73 crore respectively up to February, 2012 in the Financial Year 2011-12. Further, during the investigation, Central Excise Duty and Service Tax amoun...
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Service Tax |
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Study Team set-up to examine the possibility of a Common Tax Code for Service Tax and Central Excise
Posted Date : 09-Apr-2012 , 09:13:01 pm | Posted By CASANSAAR
As announced by the Union Finance Minister, Shri Pranab Mukherjee in his Budget speech, a Study Team has been set-up by the Government, under the leadership of Shri. M. K. Gupta to examine the possibility of a common tax code for service tax and central excise, which could be adopted to harmonize th...
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Service Tax |
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Statutory Bank Auditors should charge 12.36% Service tax on Audit Fees
Posted Date : 31-Mar-2012 , 06:58:05 am | Posted By CASANSAAR
Compliance Under Service Tax – 2012-13 – Bank Audit
The compliance under service tax provisions post Finance Bill 2012 may need clarity on 3 aspects which are discussed as under:
I. Small Service Provider Exemption
The basic exemption is available to t...
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Service Tax |
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No service tax on metered taxis, amusement facilities, rail travel
Posted Date : 17-Mar-2012 , 10:18:21 pm | Posted By CASANSAAR
As per the budget proposal, metered taxis, entry to amusement facilities, second-class rail travel, and betting, gambling and lottery will not attract the 12 per cent Service Tax.
The negative list of services, on which the increased Service Tax of 12 per cent will not be levied, include a...
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Service Tax |
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One Page Common Return for Central Excise and Service Tax Proposed
Posted Date : 16-Mar-2012 , 03:24:00 pm | Posted By CASANSAAR
As a measure of harmonization between Central Excise and Service Tax, the Government has made a number of alignments. This was announced by the Finance Minister ShriPranab Mukherjee while presenting the Union Budget 2012-13 in LokSabha today.
These include a common simplified registration ...
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Service Tax |
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Service Tax Exempted for Items on Negative List
Posted Date : 16-Mar-2012 , 03:01:09 pm | Posted By CASANSAAR
Health Care, Services Provided by Charities, Religious Persons, Independent Journalists, Sportspersons Among Others also Exempted from Service Tax
In his Budget Speech, the Union Finance Minister ShriPranab Mukherjee said that the Government has proposed to tax all services except...
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Budget 2012
Posted Date : 16-Mar-2012 , 02:44:32 pm | Posted By CASANSAAR
I. RATE OF SERVICE TAX:
1) The rate of service tax is being increased from 10% to 12%.
2) Consequent to change in the rate of service tax, changes are also being made in specific and compounding rates of tax for the following:
a) Service in relation to purchase and sale...
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Service Tax |
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Tax all but 35 services, states ask Centre
Posted Date : 06-Mar-2012 , 07:53:05 am | Posted By CASANSAAR
States have no objection to the Centre widening its service tax net in the forthcoming Budget, as long as 35 services like ambulance, beauty parlours, marriage halls, interest on bank deposits, leasing of vehicles and machines are kept out of the ambit of the levy. With a broad consensus e...
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Service Tax |
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Service tax dept freezes 40 bank accounts of Kingfisher
Posted Date : 03-Mar-2012 , 03:24:19 pm | Posted By CASANSAAR
The crisis at Kingfisher Airlines escalated further with the Service Tax department here freezing as many as 40 bank accounts of the already crippled airline for non-payment of dues to the tune of Rs 40 crore.
"Over Thursday and Friday, we froze 40 bank accounts of Kingfisher Airlines. They faile...
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Service Tax |
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BUDGET 2012 More services likely in tax net; negative list on cards
Posted Date : 06-Feb-2012 , 08:43:07 am | Posted By CASANSAAR
The government is likely to bring more services in the tax net to raise revenues and may introduce a negative list in the forthcoming budget for fiscal 2012-13. The government is expected to keep 22 services in the negative list and impose 10 per cent tax on the rest, sources said, adding tha...
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Budget 2012: Excise, service tax rates headed up as RBI makes it precondiiton for monetary easing
Posted Date : 02-Feb-2012 , 08:12:22 am | Posted By CASANSAAR
Policymakers have begun talks on raising indirect taxes and withdrawing the last remnants of the 2008 stimulus, as the government comes under fire for not tackling the rising fiscal deficit. "There is a thinking within some sections in the finance ministry as well as other senior policymakers tha...
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Service Tax |
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Service tax to be paid on constructed premises: HC
Posted Date : 21-Jan-2012 , 07:32:38 am | Posted By CASANSAAR
Realty prices in the city and surrounding urban areas are likely to be further escalated with the Bombay high court on Friday holding that service tax is liable to be paid on constructed premises such as flats, shops, etc. The central government has amended the Finance Act of 2009 and has impos...
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Service Tax |
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Taxman freezes AI
Posted Date : 13-Jan-2012 , 08:16:00 am | Posted By CASANSAAR
The service tax department has once again frozen the bank accounts of Air India for non-payment of service tax dues. This is the second time in two months that the Central Board of Excise and Customs has frozen the account of the national carrier.
In December, the department had frozen 11 account...
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States' Finance Ministers assent to idea of
Posted Date : 10-Jan-2012 , 09:13:57 am | Posted By CASANSAAR
The Empowered Committee of States' Finance Ministers has in-principle given its assent to the idea of a negative list of services mooted by the Centre.The negative list of services includes those services which will not come in the ambit of taxation. AIR correspondent reports that the committee has ...
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Service Tax |
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Kingfisher Airlines fails to pay dues by January 6 deadline
Posted Date : 06-Jan-2012 , 09:41:39 pm | Posted By CASANSAAR
Debt-ridden Kingfisher Airlines on Friday failed to pay its service tax dues for December, which could lead to freezing of its bank accounts once again, a senior Finance Ministry official said.
"Kingfisher Airlines paid Rs 10 crore (April-November) arrears. We are still awaiting payment of the De...
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Service Tax |
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Online service tax refund of tax on 18 services
Posted Date : 04-Jan-2012 , 08:31:55 am | Posted By CASANSAAR
As exports face adverse conditions amid a slowdown in growth, the government today came out with a mechanism to provide online refunds of tax paid on 18 services used beyond factory gate for outbound shipment of goods. Upbeat exporters exuded confidence that they can tackle the difficult situation...
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Service Tax |
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Order imposing tax on foreign telecom networks may go
Posted Date : 16-Dec-2011 , 07:59:00 am | Posted By CASANSAAR
The finance ministry is set to withdraw a four-month-old directive that imposed service tax on use of foreign telecom networks. The directive dealt a blow to the cash flows of IT, IT-enabled services and telecom companies, requiring them to cough up not just the tax dues but also interest for th...
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Service Tax |
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CBEC de-freezes bank accounts of Kingfisher, Air India
Posted Date : 14-Dec-2011 , 09:19:46 pm | Posted By CASANSAAR
The government has de-freezed the bank accounts of debt-ridden Kingfisher Airlines and Air India after the two air carriers made part-payment of their service tax dues. "As they (Kingfisher and Air India) have made part-payments of service tax dues, the department has Lifted freeze on their ...
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Service Tax |
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Kingfisher Airlines' Vijay Mallya meets CBEC chief
Posted Date : 12-Dec-2011 , 10:17:32 pm | Posted By CASANSAAR
Vijay Mallya on Monday met Central Board of Excise and Customs (CBEC) chief SK Goel, with regard to de-freezing of Kingfisher Airlines' accounts. The CBEC had frozen 11 accounts of Kingfisher Airlines last week for allegedly defaulting on service tax that it has collected from passengers. ...
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Service Tax |
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No service tax on late payment charges by stock investors
Posted Date : 12-Dec-2011 , 07:47:34 am | Posted By CASANSAAR
Stock market investors would not have to pay any service tax on any late payment charges paid by them to their brokers, provided such fines are shown separately in the account statement. The Ministry of Finance has clarified the matter to the capital market regulator Sebi (Securities and Exchang...
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Service Tax |
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Posted Date : 01-Dec-2011 , 07:55:40 am | Posted By CASANSAAR
Foreign healthcare services firms are not liable for tax in India as payments for such services cannot be construed as royalty, according to a ruling by a Mumbai tax tribunal. The order by the Income Tax Appellate Tribunal (ITAT) was in response to the income tax department's position that forei...
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Service Tax |
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