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
Latest Expert Exchange
« Service Tax »
 12 ways to avoid paying more for bank services
 I-T return filing: Income Tax offices, Ayakar Seva Kendras to remain open from March 29-31
 Top 5 money matters you must settle before March 31 From income tax returns to LTCG,
 Steep fines for missing March 31 income tax deadline
 CBEC clears some air on refunds under GST, central excise, service tax laws
 3 key tax changes for senior citizens which will come into effect from April 1, 2018
 Income tax returns (ITR) filing: Not filed returns for 2 years? Beware! Deadline nearing
 All you want to know about HRA: When you can claim and how it is calculated?
 Income Tax Saving: 6 ways to save tax without investing before March 31 tax deadline
 Unnable to file your tax return? Take help of these portals
 Do you know which 80C instruments can help you save tax and carry no future tax liability?

Get set to pay taxes on new services
January, 11th 2012

Get set to pay more for travelling by railways in airconditioned coaches or an increase in monthly house rent if you are paying more than Rs 1 lakh a month. These are among a host of other services that could come under the tax net if the government goes ahead with a set of proposals

 
that the empowered committee of state finance ministers approved in Bhopal on Monday.
The committee, headed by Bihar deputy chief minister Sushil Modi, agreed to the Centres proposal to adopt a negative list of services, implying that the government will impose tax on all other services except those that feature on the negative list.

In November, the finance ministry had issued a revised concept paper proposing that most services except 22 categories listed on the negative list should be brought under the Goods and Services Tax (GST), which the government plans to introduce in the country from April next year.

At present, only the Centre enjoys the right to levy service tax. The GST Bill, which was introduced in Parliament in March last year, seeks to amend the Constitution to empower the states to impose service tax.

Finance minister Pranab Mukherjee is likely to announce a negative list in the budget for 2012-13, highlighting the services that the Centre will not tax.

State governments, however, want the negative list to be widened (see table).

Capitation fees or donations in educational institutes, speedpost and security services provided by government agencies are some of the services that are likely to be taxed.

The services that the Centre proposes to tax include renting of land for commercial use excluding agriculture, employment agencies, highway toll collection agencies, tourist vessels and marketing of lotteries.

Funeral, burial and mortuary agencies, interest on bank deposits, services provided by independent journalists, dividend on investments, and transport of passenger in public transport, will be excluded.

While some feel that it should be introduced at the time of GST, others feel that the introduction of the negative list should be done independently of the GST, said a state finance minister present in Mondays meeting.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

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