Latest Expert Exchange Queries
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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: TDS :: VAT RATES :: empanelment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: form 3cd :: ACCOUNTING STANDARD :: cpt :: articles on VAT and GST in India :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment
 
 
News Headlines »
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return
 Will Aadhaar linkage solve India's income tax woes?
 GST roll out from July 1 will make goods cheaper: Jaitley
 Aadhaar To Be Mandatory For Filing Income Tax Return, PAN Application
 7 best tax-saving solutions which can help you save money
  No proposal to replace Income Tax with Banking Cash Transaction Tax
 How to Make Tax Saving Investments Less Taxing with an SIP in ELSS
 NRIs having only investment income may not file tax returns
 With income tax returns filing deadline near, here are 3 major things to do before March 31
 When public becomes tax gatherer

Service tax rate may be 14% in '07
December, 06th 2006

The finance ministry is likely to go for an across-the-board hike in service tax rate to 14% in Budget 2007, going by the recommendations of the Central Board of Excise and Customs. The 2% increase in service tax rate will add over Rs 7,000 crore to the tax corpus.

The move is in line with the road map for the goods and service tax (GST) regime. A major procedural overhaul of the service tax regime is also on the cards. Since the median rate for central excise at 16% is unlikely to be tampered with, raising the service tax rate to a comparable level is called for.

The government is looking at rolling out the GST regime by 2010, which, among other things, seeks to harmonise the rate for goods and services.

Minister of state for finance SS Palanimanickam told Parliament on Tuesday, The world over, goods and services attract the same rate of tax. Replying to a query on whether goods and service tax rate will be made equal, Mr Palanimanickam quoted the FRBM task force report, which said standalone taxation of both goods and services is structurally inconsistent with the scheme of input credit across goods and services.

The final decision is likely to be taken after the meeting of the empowered committee on sales tax in December. The government is also expected to expand the list of services covered, which include education, healthcare, power distribution, catering, parking contracts and painting.

In fact, the Centre has offered these services to states as a compensation for phaseout of the central sales tax. Though states have been asking for services like telecom and financial services, the issue stands unresolved for now.

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

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