Latest Expert Exchange Queries

Make 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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: cpt :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: empanelment :: due date for vat payment :: list of goods taxed at 4% :: VAT RATES :: TDS :: ACCOUNTING STANDARD :: VAT Audit
 
 
Service Tax »
 Scope exists for consolidating GST rates
 GST has not impacted consumer offtake
 Will GST actually be Good and Simple Tax for financial services companies
 Goods and Services Tax an important structural reform, says
 Monthly GST returns to burden professionals
  GST not to be added for TDS computation
 Getting it wrong on GST
 GST: When does a service provider need to register across multiple states?
 GST Council to examine sectoral issues in August 5 meet
 Number of taxpayers under GST set to eclipse that of previous tax regime
 Goods and Services Tax will accelerate growth,

Service Tax on Remittance Hard Blow to Keralites
November, 12th 2014

In a major jolt to the Non Resident Indian (NRI) community, the central government has quietly imposed a 12.36 per cent service tax on remittance to India, a move that would take away about Rs 780 crore of NRK deposits that makes it way into Kerala, going by 2013 figures. The NRIs including those from Kerala are set to fork out Rs 3,694 crore.

The new tax, which came into effect through a new circular from the Central Board of Excise and Customs (CBEC) would affect Kerala the most as remittances from NRKs account for nearly 35 per cent of the net domestic product of the state.

For the year ended March 31, 2014, foreign remittances into Kerala stood at Rs 90,000 crore. The average remittance cost charged by Money Transfer Service Operators (MTSO) is 7 per cent, according to a study by consultancy firm KPMG.

So what is subject to the new 12.36 percent service tax would be on Rs 6,300 crore (7 per cent of Rs 90,000 crore), which would add up to Rs 779 crore. In the coming years when Goods and Services Tax (GST) would be introduced, the rate of service tax would go up to 16-20 per cent, affecting the NRI earnings further.

K C Joseph, minister for NORKA (Non Resident Keralites Affairs) said he was aware about the development and promised steps to address the situation. “We will take up this issue with the Centre,” he told ‘Express’. The new tax is unfair to Keralites, a large number of whom have taken up menial jobs in West Asia to support their families back home, said experts.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

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