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: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: empanelment :: cpt :: VAT RATES :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: TDS :: due date for vat payment :: articles on VAT and GST in India :: list of goods taxed at 4%
 
 
Service Tax »
 India to levy service tax on freight for imports on delivered basis
 Income tax relief must be blended with additional tax measures
 9th GST Council inks breakthrough on dual control over tax payers, rollout deferred to July 1, 2017
 GST rollout uncertainty hits Budget 2017 calculations
 GST now set for July 1 roll-out, dual control hurdle finally over
 Grant of Registration under DVAT and CST
 Do not raise service tax, says Chamber
 Excise, service taxpayers to migrate to GST portal by Jan 31
 Centre, state governments work on formula for 'GST on high seas'
 What is service tax?
 Tax to bring transparency, benefit companies operating in state, says Gujarat CM Vijay Rupani

Excise duty, service tax may go up
January, 15th 2013

The government is looking at an increase in excise duty on most goods and service taxes by two percentage points to 14%, a move that could make most consumer products, including cars and white goods such as refrigerators, costlier. The higher duty would also make nearly all services dearer but will earn the exchequer Rs. 30,000-40,000 crore to fund welfare schemes to spin jobs and generate income in an election year.

“The option of raising service tax and excise duty on standard non-petroleum goods from 12% to 14% is being examined,” a source told HT.

These tax rationalisation steps are being examined as a precursor to the eventual rollout of a nationwide goods and services tax (GST) that will replace a welter of local levies such as value- added tax (VAT) and octroi by a single tax. The measure is expected to be part of the budget proposals for financial year 2013-14.

If implemented, the excise duty hike will restore the tax rate to pre-2008 levels when the government slashed it to 8% in a phased manner amid a global economic slowdown.

At 14%, service tax, however, will be the highest ever since it was introduced 19 years ago.

 
 
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