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Service Tax

Your free bank ATM cash withdrawal, cheque, deposit, locker visits face this big threat; here's why

Your free bank ATM cash withdrawal, cheque, deposit, locker visits face this big threat; here's why

Mon, Nov 26, 2018

Already stressed due to huge NPAs, commercial banks now find themselves in a situation where they might have to end free services for the common man.

Tax evasion crackdown: Proprietors, LLPs, HUFs under CBEC scanner now

Tax evasion crackdown: Proprietors, LLPs, HUFs under CBEC scanner now

Thu, Mar 22, 2018

According to the sources, preliminary scrutiny indicated that several newly created LLPs and HUFs as well as proprietary firms have claimed transitional credit for which they were not eligible. The CBEC has already asked chief commissioners to scrutinise all transitional credit claims of over Rs 1 crore. As part of transition to GST last July, taxpayers were allowed to file Form TRAN-1 and avail tax credit on the basis of closing balance of the credit declared in the last return under the pre-GST regime.

Govt recovered less than 9% service tax arrears in FY17: CAG

Govt recovered less than 9% service tax arrears in FY17: CAG

Tue, Dec 19, 2017

"It can be seen that only 8.87% of recoverable arrears could be recovered by the department during 2016-17. Given the significant amounts of arrears to be recovered, it is essential that the tax department specifically focuses on legacy issues even after transition to GST," said the CAG report.

TRENDING NOW

First post-GST budget likely on Feb 1

First post-GST budget likely on Feb 1

Sun, Dec 03, 2017

The Budget session of Parliament may begin on January 30 with President Ram Nath Kovind addressing the Joint Session of both the Houses of Parliament, a senior government official said.

High Court judges, experts brainstorm on likely GST litigations

High Court judges, experts brainstorm on likely GST litigations

Sun, Nov 19, 2017

Top domain experts and officials from the GST Intelligence and the Central Board of Excise and Customs (CBEC) briefed judges about the new tax system recently, according to documents available in the public domain.

Hotel, restaurants body meets GST Council over tax rates

Hotel, restaurants body meets GST Council over tax rates

Thu, Nov 09, 2017

The Federation of Hotels & Restaurants Association of India today said the body met with GST Council members, including state finance ministers, to press for rationalisation of tax rates for the industry.

Govt says GST rates may be rejigged to reduce burden on SMEs

Govt says GST rates may be rejigged to reduce burden on SMEs

Mon, Oct 23, 2017

Just few months after the introduction of the GST, the new tax regime has seen several teething troubles and compliance issues.

GST: The transition issues and what it means for India

GST: The transition issues and what it means for India

Fri, Jun 30, 2017

However, GST, as accepted by the Government, is going to see some hiccups in the beginning as is the case with any disruption. Past few weeks has seen companies destocking their products at a rate faster than expected. Industry experts believe that normalisation may return to the Indian economy only by the third quarter (Q3FY18) of the current fiscal, i.e. September to December 2017 period.

Fast forward; GST set to transform face of Indian logistics industry

Fast forward; GST set to transform face of Indian logistics industry

Fri, Jun 30, 2017

India`s greatest tax reform - replacing an array of provincial duties with a nationwide goods and services tax - is transforming the logistics industry in a country where moving stuff around is notoriously difficult to do, executives say.

Sooner or later states will have to bring petroleum under GST, says Arun Jaitley

Sooner or later states will have to bring petroleum under GST, says Arun Jaitley

Wed, Jun 28, 2017

KEY HIGHLIGHTS:

GST rollout: Be ready to pay 18% service tax even at non-AC restaurants

GST rollout: Be ready to pay 18% service tax even at non-AC restaurants

Wed, Jun 21, 2017

On Sunday, Finance Minister Arun Jaitley in 17th meeting said that GST on restaurants in five-star hotels was reduced to 18% from 28%, bringing it at par with standalone air-conditioned restaurants.

GST implementation may increase expense ratio of fund houses

GST implementation may increase expense ratio of fund houses

Thu, May 25, 2017

With three per cent increase in service tax likely after the implementation of Goods and services Tax (GST) from July 1, the expense ratio of mutual fund houses across the country will also go up by 3 per cent.

GST cloud hangs over excise mop-up as dealers hold up tight

GST cloud hangs over excise mop-up as dealers hold up tight

Sun, May 14, 2017

The collections of excise duty may take hit as dealers are refraining from purchasing goods from manufacturers as they are not sure about tax credits and rates under GST, which is slated for July 1 launch.

GST will not bring major hike in tax burden: Official

GST will not bring major hike in tax burden: Official

Tue, Apr 25, 2017

The government will try to finalise the rates of tax for each item at the earliest, the Revenue Secretary said.

Government issues new guidelines on Service Charge in Hotels, but doubts still remain

Government issues new guidelines on Service Charge in Hotels, but doubts still remain

Tue, Apr 25, 2017

The Central Government has issued new guidelines on ‘Service Charges’ in hotels. While the guidelines make mandatory collection of service charge an unfair trade practice, the success of this move is still doubtful.

Restaurants cannot decide service charge, Govt says

Restaurants cannot decide service charge, Govt says

Fri, Apr 21, 2017

In January, the Department of Consumer Affairs stated that service charge on food bills is not compulsory and a customer can choose to have it waived if not satisfied with experience.

Centre to issue advisory against service charge on food bills

Centre to issue advisory against service charge on food bills

Fri, Apr 14, 2017

"Our Department's view is that imposing service charge is an unfair trade practice and consumers need not pay," Paswan had said in January.

Here's what Service tax, service charge and service tax number mean for your food bill

Here's what Service tax, service charge and service tax number mean for your food bill

Thu, Apr 06, 2017

Service tax on a restaurant bill has been laid down in the Service Tax Act.

India's FY17 tax collection reaches Rs 17.10 lakh crore

India's FY17 tax collection reaches Rs 17.10 lakh crore

Tue, Apr 04, 2017

The ministry said, "As against the Revised Estimate, the provisional figure of tax collection is Rs 17.10 lakh crore, which is a growth of around 18% compared to last."

Education, healthcare, pilgrimages not to be taxed under GST

Education, healthcare, pilgrimages not to be taxed under GST

Sun, Apr 02, 2017

Adhia said the endeavour would be to maintain the current tax incidence on a commodity or service at the same level in the new Goods and Services Tax (GST) regime.

Land leasing, renting to attract GST from July 1

Land leasing, renting to attract GST from July 1

Tue, Mar 28, 2017

Sale of land and buildings will be however out of the purview of GST, the new indirect tax regime. Such transactions will continue to attract the stamp duty, according to the legislations Finance Minister Arun Jaitley introduced in the Lok Sabha yesterday for approval.

Inquiry into GST's IT infra firm for alleged tax evasion still on: CBEC

Inquiry into GST's IT infra firm for alleged tax evasion still on: CBEC

Sun, Mar 12, 2017

GSTN was set up in March 2013 as a non-profit, non-government company and is 51% owned by banks and financial institutions.

Direct tax collection records growth of nearly 11% in April-February; indirect tax collection up 22%

Direct tax collection records growth of nearly 11% in April-February; indirect tax collection up 22%

Fri, Mar 10, 2017

The Government of India's net refunds of direct tax collection from April to February 2016-17 has risen 10.7% to Rs 6.17 lakh crore as compared to same period last year.

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