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: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: VAT Audit :: VAT RATES :: Central Excise rule to resale the machines to a new company :: cpt :: form 3cd :: due date for vat payment :: ACCOUNTING STANDARD :: empanelment :: TDS
 
 
« Service Tax »
 IT infrastructure firm of GST under scrutiny for tax evasion
 GST council OKs draft law on relief to states
 GST Network gets notice for avoiding service tax
 GSTN contract may attract tax
 GST Council may discuss tax rate on gold at Udaipur meet
 Govt may rework indirect tax estimates mid-way after GST
 GST Council meeting: States allowed to tweak taxpayer division after consulting Centre
 Government may rework indirect tax maths mid-way after GST entry
 Govt may rework indirect tax mid-way after GST entry
 GST rollout will reduce disparity among states
 GST: E-tailers oppose tax laws

Govt set to define 106 taxable services to reduce litigation
December, 20th 2008
Indias finance ministry will come out with a detailed classification of taxable services aimed at clearing a mounting backlog of litigation arising from the absence of a descriptive definition of service. The new tax structure, which is also expected to ease filing by companies, may be ready in the next six months, said an official of the department of revenue who asked not to be identified because he is not authorized to speak to the media. To streamline the process of service tax collections, the department plans to describe categories in 106 taxable services, covering companies across segments such as construction, mining and information technology. We are working on a proposal to tariff the transactions under each service category, said the official. To come out with a negative list of services is not a good idea, as this can complicate things further,the official added. According to some private estimates, at least half of all indirect tax complaints in India are related to service tax. There is a need for clarity with 106 services being there and with some of them overlapping, said R. Muralidharan, executive director of auditor and consultant PricewaterhouseCoopers. The number of cases pending are increasing in service tax matters related to which category the service falls into and the import and export of services, Muralidharan said. The Union governments service tax collections during April-October, the last months for which this data is available, was Rs34,958 crore, a 29.61% jump from Rs26,971 crore in the corresponding period a year ago. During April-November, excise duty revenues went down to Rs73,878 crore from Rs75,013 crore a year ago. Customs duty revenues too saw a decline in November with collections at Rs8,931 crore compared with Rs9,005 crore in the corresponding period a year ago. Service tax litigation are a big problem in India, says Pratik Jain, executive director with auditor and consultant KPMG India. Detailed classification should certainly help as there are issues on which classification they should go into, issues relating to exemptions, as they (exemptions) are limiting to certain classifications. There are many disputes pending relating to nature of services. Today, most of the software companies are paying both service and value-added tax because there is no clarity whether the transaction should be classified as goods or a service, Jain said.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

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