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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.
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