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% :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: VAT Audit :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: form 3cd :: VAT RATES :: list of goods taxed at 4% :: articles on VAT and GST in India :: cpt
 
 
Service Tax »
 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:
 Scope exists for consolidating GST rates

Banks up in arms against service tax on govt business
December, 02nd 2008
Banks are in a quandary over the imposition of service tax by the Central Board of Direct Taxes (CBDT) on income out of agency commission on various services being provided by them on behalf of the government. These services include accepting advance payment of tax, pension disbursement and various government payments which generate income for the banks. In turn, the banks want an increase in the agency commission to compensate the service tax burden in case the government was unable to waive such a tax. For example, banks get Rs 60 per transaction of pension disbursement in the form of agency commission. Similarly, they get 9 paise per Rs 100 transactions of advance tax payments. Earlier, they were not paying any taxes against these income accrued from services which are being provided by them on behalf of the Reserve Bank of India (RBI) as the central bank is the nodal agency for such collections and disbursements. However, the CBDT has decided to imposed service tax of 12% on the agency commission. The Indian Banks Association (IBA) will take up the issue for the enhancement of agency commission to the RBI. Decision to this effect was taken during the monthly managing committee meet of the IBA which was held in Mumbai on Monday. Requesting anonymity, a public sector bank chief told FE, We want our agency commission to be increased to such an extent that we remain unaffected by the imposition of the tax. Some of the other issues that came up for discussion during the meeting of the managing committee include update on National Payment Corporation of India Limited , consortium of banks for lending of amount more than Rs 100 crore and second option of pension for the bank employees. A sub-committee will be formed by the IBA to finalise the banks action plan on these issues. The IBA source told FE that while the wage revision issue was likely to be discussed again with the United forum of Bank Unions early next month. A report on fresh calculation of pension liability has already been submitted by the actuaries panel comprising of D Basu of Kolkata and KP Sharma of Chennai. The panel has suggested that the pension option would put Rs 6,000 crore of burden on the banks.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

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