Commerce Ministry suggests service tax and central excise for FY12 Commerce Ministry suggests service tax and central excise for FY12 Chartered Accountant CA ICAI Chartered Accountants CA ICAI CAinINDIA ICAI Announcements Accounting Standards CA News ICAI Students ICAI Members Case Laws CPT IPCC Final ICAI Course CA Course ICAI Forum CA Question Papers ICAI Study Material

« Service Tax »

GST will remove cascading effect of levies: Pranab

Indirect tax collections well below asking rate
GST roadblocks continue to impede progress
Air India piles up Rs 454crore service tax dues
New service tax refund system soon for software exports: CBEC
Oriental Bank scraps service charges on NEFT payments up to Rs 1 lakh
Raids uncover Rs 1.5 cr service tax evasion
Dominant stake unlikely for NSDL in GST network firm
Commercial Tax department to start survey of wedding halls, caterers
Service tax on rly freight from July 1
Commercial Tax dept to start survey of marriage halls, caterers


« Big worry for Uttarakhand government: GST...	Finmin may review levy of service tax on air travel... »
Commerce Ministry suggests service tax and central excise for FY12

February, 18th 2011
The Commerce Ministry has requested the Finance Ministry to combine and rollout service tax and central excise in FY12, reports. It further said that the Finance Ministry should not wait for states to agree on goods and services tax. The Commerce Ministry has indicated a revenue neutral rate for combined tax. It believes the move will bring down procedural hassles for India and provide a single window mechanism. The Ministry further suggested tax benefits for skill development for industry. It felt the industry needs additional tax benefits for research and development (R&D). The Ministry is of the opinion that there should be deductions for skill development in R&D.