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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.

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Gap between India's GDP and GVA widens further

Gap between India's GDP and GVA widens further

Thu, Mar 02, 2017

Teresa John of Nirmal Bang in a report said, “Our earlier estimates had assumed no significant difference between GVA and GDP as both had exhibited a converging trend in the earlier quarters. However, the CSO believes that higher indirect tax collection and lower subsidies have pushed up the indirect tax component of GDP, resulting in divergence between GVA and GDP. “

CBEC seeks exporters' feedback on drawback rates post GST

CBEC seeks exporters' feedback on drawback rates post GST

Sun, Feb 26, 2017

"In order to ensure smooth transition to GST framework, the Drawback Committee is to formulate and recommend revised All Industry Rates (AIRs) of drawback on rebate to be implemented for exports in the context of new GST environment," it said.

IRS officers seek PM's intervention for smooth roll-out of GST

IRS officers seek PM's intervention for smooth roll-out of GST

Sun, Feb 26, 2017

In a memorandum submitted to the Prime Minister's Office (PMO), the officers' body has also highlighted the serious security and financial concerns raised by the Comptroller and Auditor General (CAG) and the Home Ministry against the Goods and Services Tax Network (GSTN).

GST's IT infra firm under scrutiny for tax evasion

GST's IT infra firm under scrutiny for tax evasion

Sat, Feb 18, 2017

"It is a preliminary inquiry to seek clarification. But as a first step, we just send a letter and summon comes only as the second resort. In this case, it looks like the work of an over-enthusiastic assessing officer who has skipped the first step and directly given a summon, which is wrong," the source told IANS.

Govt may rework indirect tax maths mid-way after GST entry

Govt may rework indirect tax maths mid-way after GST entry

Sun, Feb 12, 2017

GST collections so made are then to be split equally between the Centre and states. But since there are no reliable estimates of combined VAT collections of states, Jaitley could not project the Centre's revenue from GST in 2017-18.

Tax department summons Sania Mirza for alleged non-payment of service tax

Tax department summons Sania Mirza for alleged non-payment of service tax

Thu, Feb 09, 2017

The service tax department of CBEC issued summon to Mirza on February 6 in connection with tax evasion or non payment of dues, as reported by PTI.

Sebi, stock exchanges beef up systems for Budget day trading

Sebi, stock exchanges beef up systems for Budget day trading

Mon, Jan 30, 2017

Markets regulator Sebi and stock exchanges have beefed up surveillance and risk management systems to handle eventualities that may arise from excessive volatility in the wake of Budget announcements.

Finance Minister may hike service tax to 16-18% in Budget

Finance Minister may hike service tax to 16-18% in Budget

Sun, Jan 29, 2017

Finance Minister Arun Jaitley may hike service tax rate to 16-18 % from the current 15 % in the Budget, due on Wednesday, as a precursor to the Goods and Services Tax (GST) rollout.

GST won't lead to job losses at tax department, assures FM Arun Jaitley

GST won't lead to job losses at tax department, assures FM Arun Jaitley

Fri, Jan 27, 2017

Ahead of the rollout of GST, Finance Minister Arun Jaitley on Friday sought to address concerns of job loss from reduced work of tax officials, saying they should have no insecurity as enough work and opportunities will be available to them in the new indirect tax regime.

Budget 2017: Realty expects increase in tax deduction limit on home loans, clarity on GST tax rate, others

Budget 2017: Realty expects increase in tax deduction limit on home loans, clarity on GST tax rate, others

Wed, Jan 25, 2017

Find out what India's real estate players expect from the government's Budget 2017.

Dual-rate service tax may be announced in Budget 2017

Dual-rate service tax may be announced in Budget 2017

Wed, Jan 25, 2017

The Government may be looking at introducing two rates of service tax in the Union Budget that is scheduled on Febraury 1, 2017.

Budget 2017: Payment gateway cos expect govt to offer incentives, tax breaks & exemptions to boost digital transactions

Budget 2017: Payment gateway cos expect govt to offer incentives, tax breaks & exemptions to boost digital transactions

Mon, Jan 23, 2017

Find out what are Budget 2017 expectations of payment gateway companies like Telr, Payoneer, Atom Technologies, TechProcess Payment Services, RazorPay, Chillr, Happay and PayU India.

GJEPC expects FM Arun Jaitley to reduce import duty on gold to 5% in Budget 2017

GJEPC expects FM Arun Jaitley to reduce import duty on gold to 5% in Budget 2017

Thu, Jan 12, 2017

To curb grey market and boost the organised players, the Gem and Jewellery Export Promotion Council (GJEPC) is expecting Finance Minister Arun Jaitley to reduce the import duty on gold to around 5%in the upcoming Union Budget.

Hope to resolve issues for GST rollout from April 1: Jaitley

Hope to resolve issues for GST rollout from April 1: Jaitley

Wed, Jan 11, 2017

With states and the Centre still locked in stalemate over control of tax payers, Finance Minister Arun Jaitley today said the issue will be resolved in next few weeks for rollout of the GST regime from April 1.

Direct, indirect tax collection rose 12%, 25%, respectively: Finance Minister Arun Jaitley claims

Direct, indirect tax collection rose 12%, 25%, respectively: Finance Minister Arun Jaitley claims

Mon, Jan 09, 2017

Jaitley also said that Centre is in talks with banks to discuss Merchant Discount Rate (MDR) issue.

Tax collection to exceed budget estimates this fiscal: Arun Jaitley

Tax collection to exceed budget estimates this fiscal: Arun Jaitley

Wed, Jan 04, 2017

Finance Minister Arun Jaitley on Wednesday expressed confidence that direct and indirect tax mop-up will surpass Budget estimate of Rs 16.3 lakh crore by March-end.

PM Narendra Modi hints at increase in taxes on income from stock markets; promises prudent reforms

PM Narendra Modi hints at increase in taxes on income from stock markets; promises prudent reforms

Sat, Dec 24, 2016

Ahead of the Budget, Prime Minister Narendra Modi on Saturday favoured increasing the tax contribution from various market participants in a "fair, efficient and transparent way" and promised more "sound and prudent policies and reform measures".

Rs 2000 service tax waiver: Here's the average that Indians spend on card transactions

Rs 2000 service tax waiver: Here's the average that Indians spend on card transactions

Thu, Dec 08, 2016

The Government is now considering waiving off service tax on debit and credit card transactions up to Rs 2000.

Government to waive service tax on card transactions up to Rs 2,000

Government to waive service tax on card transactions up to Rs 2,000

Thu, Dec 08, 2016

The government has been taking steps to promote cashless or digital transactions to take India towards a less-cash economy.

ONGC, Cairn face Rs 730 crore service tax on royalty payments

ONGC, Cairn face Rs 730 crore service tax on royalty payments

Thu, Nov 03, 2016

Companies currently pay 9.09% of the price they realise on oil and gas produced from onland.

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