Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: list of goods taxed at 4% :: due date for vat payment :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: VAT RATES :: TDS :: VAT Audit :: form 3cd :: cpt
 
 
« Service Tax »
 GST base looks set to be at least 25% wider than earlier tax regime
 Businesses struggle with multiple tax rates, returns
 Common use items exempt from e-way bill provision under GST
 Goods And Services Tax Sends Taxes Racing
 How GST lesson can unleash untapped potential of education sector in India
 Services sector PMI falls most in 4 years on GST
 Missing column in GSTR 3B form leaves input claims a shaky edifice
  Communication to the Central Excise/Service Tax Taxpayers on migration to GST
 GST not easy to implement but tax base expansion will benefit all
 Goods and Services Tax was not an easy reform to implement
 GST to expand tax base, bring down weighted average tax rate:

EPFO service tax issue
November, 23rd 2009

The finance and labour ministries have locked horns over the issue of bringing retirement fund manager EPFO under the service tax net. 

The central board of excise and customs has slapped a notice for recovery of service tax on Employees Provident Fund Organization (EPFO) but the labour ministry has opposed it saying the organization was not doing any commercial activity.

Our stand is very clear that EPFO is not doing any commercial activity so its services provided to employees cannot be brought under the service tax net, minister of state for labour Harish Rawat said. EPFO manages a corpus of about Rs 2.57 lakh crore with subscribers base of over 4.5 crore. According to the CBEC notice EPFO comes under the service tax net as it was providing fund management services.

However, CBEC thinks the otherway round. It pointed out in its notice that EPFO provides fund management service to employers and charges service tax from them. Thus, service tax should be levied.

Rawat said, we do not charge anything from employees. They get all services free of cost. Moreover, it is a mandatory social security scheme for the beneficiaries and a large number of those are low-paid workforce.
If you think that EPFO is earning something out of managing retirement fund. It is wrong.

It is true that we do (take) charge from employers. Besides, them government also contributes in this fund, he said. Managing retirement fund of the employees free of cost is under the directive of Parliament, Rawat added.

The CBEC claimed that epfo evaded service tax of Rs 461 crore during 2004-05 to 2007-08, excluding penalities.
The total tax demand could be around Rs 1,200 crore, including penalties for non-payment of tax and service tax for 2008-09 and 2009-10.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions