Service Tax

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. 

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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.

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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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GST Council's 3rd meeting starts on Oct 18; to decide on rates, service tax assessments

Tue, Oct 18, 2016

The Goods and Services Tax (GST) Council will meet in New Delhi from Tuesday to decide on key issues such as GST rates, service tax assessments and compensation to states by the Centre.

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Indirect tax collection rose by 25.9% in Sept: FinMin

Mon, Oct 10, 2016

Till September, 52.5% of the Budget Estimates (BE) of indirect taxes for the current financial year has been achieved, Ministry of Finance said. 

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GST Council agrees on 5 areas; differ over decisions taken in first meeting

Fri, Sep 30, 2016

In signs of fracture, the Centre and states on Friday disagreed on decisions reached at the first meeting of the GST Council on service tax assessment although they reached a consensus on area based exemption in the new tax regime.

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ONGC overseas arm slapped with service tax demand of Rs 6,100 crore

Tue, Sep 20, 2016

OVL however has contended that service tax is not payable and is contesting the same legally.

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Indirect tax collections up over 27%; at Rs 3.36 lakh crore till August

Mon, Sep 12, 2016

Indirect tax collections for the current fiscal up to August 31, 2016 has increased 27.5% to Rs 3.36 lakh crore. This is nearly half of the Budget Estimates (BE) of indirect taxes for Financial Year 2016-17 Ministry of Finance said.  

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Service Tax dispute: Delhi High Court declares MakeMyTrip not guilty

Thu, Sep 01, 2016

Delhi court said, the arrest of the official without notice and  the matter of  service tax collected was not justified, as they did not contain any reasonable explanations for institution of proceedings or regard to the predecessors history.

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Service tax collection from Mumbai up 23% in 4 months

Sun, Aug 28, 2016

Service tax collection from Mumbai zone has surged by nearly 23 per cent during the first four months of the fiscal over the year-ago period and has also surpassed the set target. Tax officials are also hopeful of achieving the full year target given to it by the government.

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The catch behind the discounts of Independence Day sales of airlines

Wed, Aug 10, 2016

SpiceJet's Great Independence Day sale went live on Tuesday and will go on till August 11 midnight. 

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India's tax collections for the current year shoot up smartly

Wed, Aug 10, 2016

Direct tax collections, or corporate and income tax rose by over 24%, at Rs 1.59 lakh crore upto July 2016. "Till July, 2016, 18.82%of the Budget Estimates of direct taxes for FY 2016-17 has been achieved," the statement said. 

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Indirect tax collections registers 30% growth upto July 2016

Tue, Aug 09, 2016

During the month of July the total indirect tax collections had increased by 23.4% as it stood at Rs 68,341 crore in July 2016 from Rs 55,388 crore in the same month a year back.

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GST Impact: Luxury cars, FMCG, electronics items to get cheaper; services dearer

Sun, Aug 07, 2016

Luxury cars, FMCG products, consumer durables, electronics items and readymade garments will become cheaper once GST is rolled out next year, but mobile phones, banking and insurance services, telephone bills as well as air travel will be dearer due to higher tax.

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Maharashtra, UP Show India What To Expect From GST

Wed, Aug 03, 2016

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India's biggest tax reform GST looms, many companies unprepared

Wed, Aug 03, 2016

India is already the world`s fastest growing large economy, expanding by 7.9 percent year-on-year in the March quarter. Economists at HSBC forecast a boost of 0.8 percentage points from the GST within three to five years.

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Decoding your air ticket after the new civil aviation policy

Thu, Jun 16, 2016

The new Civil Avaition Policy is expected to achieve this is by waiving or reducing certain taxes through Regional Connectivity Scheme (RCS) to promote air travel between tier-2 and 3 cities.

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Good news for home buyers! HC says no service tax on under-construction properties

Thu, Jun 09, 2016

If the developer has already collected service tax the court ordered that the same should be refunded with the interest at the rate of 6%.

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Let alone eating out, even cooking at home becomes expensive from today

Wed, Jun 01, 2016

Non-subsdised LPG is what consumers buy after exhausting their quota of 12. PTI reported that this is the second monthly increase in rates.

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Indirect tax collections in April total Rs.64,000 crore

Wed, May 11, 2016

Overall growth in revenue collections, after discounting for additional revenue mobilisation, is 17%.

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