« Top Headlines » Open DEMAT Account in 24 hrs  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately  Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing  Section 80DDB tax benefits for specified illnesses: 5 things to know  Income tax slabs FY 2024-25: Five tips to help taxpayers decide between old and new income tax regimes  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 (AY 2024-25) available now on e-filing income tax portal  How To Save Tax For Salary Above 15 Lakhs?  Tax Saving: Top 5 investment options to save maximum tax in 2024 «  Large tax payer unit to go on stream in Nov... Assocham for new set of Cenvat credit rules... » Corporates line up service tax payments October, 03rd 2006 Bajaj Allianz General Insurance will pay around Rs 168.50 crore as service tax this fiscal, a 50-60% increase over the last fiscals figures. A spurt in premium income coupled with the increase in service tax rate from 10% to12% has pushed up the service tax liability, said a senior company official. The company has paid around Rs 70.5 crore as service tax till August this year. The outgo on the remaining part of the fiscal is estimated at Rs 98 crore. These projections are based on the feedback given by the company to zonal revenue authorities. The gross premium underwritten by the company grew by around 32% to top Rs 713 crore upto August this year compared to Rs 538 crore in the same period last fiscal. Bajaj Allianz Life Insurance is projected to pay around Rs 59 crore as service tax in FY06, according to estimates available with the revenue department. The company has paid Rs 24.4 crore till August this year. Service tax collections for the Pune region are budgeted at Rs 1,620 crore for FY06. Among telecom companies, BSNL Pune is projected to pay around Rs 50 crore as service tax. It has paid around Rs 20.6 crore upto August this year. Idea Cellulars liability is estimated at Rs 42.2 crore, of which Rs 17.62 crore has been paid till August this year. Bharti Cellulars service tax payments have been projected at Rs 12.5 crore. The company has paid Rs 5.19 crore till August, according to data with the revenue department. Some companies have a system of centralised registration for service tax payment is made from one centre. Others are registered in respect of their offices so payments are disbursed. Companies are also allowed to claim a set off on the taxes paid on inputs both on goods and services. A stock-taking of the trends in service tax collections in various zones and the utilisation of Cenvat credit was done recently in Mumbai at a meeting convened by member, service tax, Central Board of Excise and Customs. Revenues have been buoyant, growing by around 66% till July. The government has budgeted service tax revenues at Rs 34,500 crore. With the buoyancy in GDP growth, it expects to garner over Rs 40,000 crore from service tax during the current fiscal.