Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: form 3cd :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: VAT RATES :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: due date for vat payment :: VAT Audit
 
 
Customs and Excise »
 Customs And Central Excise Drawback – Part II
 Customs Valuation (Determination of Value of Imported Goods) Rules 2007
 Amendment to Customs Valuation Rules – Notification No. 91/2017 (NT)
 GST on Custom House Agents
 The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes
 The Customs and Central Excise Duties Drawback Rules, 2017
 Man fleeing from Customs arrested
 Refund of amount on account of double-payment of Customs
 SC paves way for trial against RIL in 1987 excise evasion case
 GST: Govt sets up panel to receive profiteering complaints
 IGST on high-seas sale of imports is levied only during customs clearance

Revenue from service tax to pip custom and excise in FY15
February, 20th 2014

It's finally happened. In keeping with services being the biggest component of the Indian economy, revenue from service tax will for the first time overtake that from excise and customs in 2014-15.

The levy was first introduced in 1994. The government has budgeted Rs 2.15 lakh crore from service tax in 2014-15, ahead of Rs 2.01 lakh crore from customs and Rs 2 lakh crore from central excise.

Three years back, in 2010-11, service tax was just about half the level of these other important indirect taxes that accounted for a nearly a third of total tax collections. Since then service tax has grown at a compounded average annual rate of 31% to cross Rs 2 lakh crore.

The spurt came in 2012-13 when the government shifted to taxation of services on the basis of a negative list. That is, all services were taxed unless specifically excluded. This cleared the confusion over whether a service was taxable or not. Service tax collections rose 36% in 2012-13.

Of course, customs and excise collections have also grown at a slower pace in recent years because of the slowdown in the economy. Lower imports have hit customs collections and subdued manufacturing has eroded excise collections.

Imports barely rose in 2012-13 and were down 7.81% in April-January from a year ago. Manufacturing is set to contract 0.2% in the current fiscal after muted 1.1% growth in the last financial year.

Services were first taxed two decades ago beginning with a 5% levy on telephones, non-life insurance and stock brokers. Currently services are taxed at 12%.

"Over the years, while attempts have been made to widen the base for domestic indirect taxes, the services sector has not been subjected to taxation.

Yet this sector accounts for about 40% of our GDP and is showing strong growth," Manmohan Singh, then finance minister, had said in his 1994-95 budget speech.

The share of services in the economy has since increased to more than 60%. Its share in gross tax collection in 2014-15 will be 15.6%.

However, there some doubts about the strong 30.6% growth in service tax assumed in 2014-15

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

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