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: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: ACCOUNTING STANDARDS :: cpt :: TDS :: empanelment :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: form 3cd :: Central Excise rule to resale the machines to a new company
 
 
« General »
 India's tax department signs 3 advance pricing agreements
 Income Tax Dept to probe deeper into suspicious bank accounts
 Modi may lower taxes to spur demand in his budget sops
 Tax breather for foreign investors: All you need to know
 What the increase in tax collections does not tell us about Indian economy post demonetisation
 India’s crazy retrospective tax on foreign funds will tarnish country’s reputation
 How tax related, PAN grievances can be resolved through E-Nivaran
 Tackling income tax exemptions for equities and agriculture
 Amfi wants tax benefits for retirement plans
 Top five factors which could chart market direction in the coming week
 Tax rate hikes boost shadow economy

PGCIL faces Rs 413 cr tax liability; PSU contests claim
February, 16th 2009

Tax authorities have issued a showcause notice to state-owned Power Grid Corporation for non payment of over Rs 413 crore service tax on power transmission services, but the company contested the claim saying it is bound by the norms set by power regulator CERC.

"We are regulated by the Central Electricity Regulatory Commission (CERC) and the said amount of tax will be passed on to the consumers as an integral part of tariffs," PGCIL's senior officials said, adding that the PSU was heading for a legal opinion on tax authorities' action.

The authorities have also charged PGCIL for suppressing the facts to evade service tax.

According to the service tax department of the Central Board of Excise and Customs, PGCIL has not paid service tax for the period May 2006 to September 2008.

PGCIL, being a PSU company, cannot absorb the service tax as this is part of the tariff paid by end consumer, it said.

The notice said, "Service tax amounting to Rs 402.46 crore, education cess amounting to Rs 8.05 crore, Secondary and Higher Education cess amounting to Rs 2.65 crore (collectively amounting to Rs 413.16 crore) during the period from May 1, 2006, to September 30, 2008, appears to be recoverable from Powergrid along with interest for late payments."

 
 
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