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: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: ACCOUNTING STANDARD :: VAT Audit :: form 3cd :: cpt :: empanelment :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: ACCOUNTING STANDARDS
 
 
Service Tax »
 Rules not ready, key e-way bill for GST may be delayed, says top official
 How Goods and Service tax will benefit the nation
 GST implementation may increase expense ratio of fund houses
 GST structure: an unfortunate compromise
 Extension Of Provisional Attachment Under Service Tax Provisins
 How favourable will GST be for Karnataka?
 GST rate impact: Here’s how the new tax can carry a greater punch
 E-way Bill - movement of goods under GST
 How the GST rates will affect your money
 GST: The coming disruption in the wholesale trade
  Ways In Which GST Will Impact The Average Indian’s Wallet

Government announces service tax exemption for rice
February, 21st 2014

Finance Minister P Chidambram today announced that service tax would be abolished on rice from the staple's loading to storage stage.


The decision comes following intense pressure from Tamil Nadu Chief Minister Jayalalithaa who had shot off a letter recently to Prime Minister Manmohan Singh seeking his personal intervention in the issue.

Rice was originally exempt from service tax. However, later the Finance Ministry had said only paddy is agri- produce, while rice is a processed item. A market expert said most traders have not paid service tax on the staple since its imposition.

Presenting the interim budget for the 2014-15 fiscal, Chidambram said: "By virtue of the definition of 'agricultural produce' in Finance Act 2012, read with the Negative List, storage or warehousing of paddy was excluded from the levy of service tax. Rice was not.

"The distinction is somewhat artificial. Hence, I propose to exempt loading, unloading, packing, storage and warehousing of rice from service tax," he said.

Welecoming the decision, All India Rice Exporters Association Executive Director Rajan Suderasan said, "The clarification was long overdue. Levy of service tax on rice on entire processing chain had made life miserable to small traders. It is a sigh of relief."

Recently in a letter to the Prime Minister, Jayalaithaa had said, "The interpretation given by the Ministry of Finance defies logic and common sense.

She had also said that the levy of service tax on rice as "discriminatory and completely unjust" against people in south and east where the grain is the staple food.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

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