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: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: VAT RATES :: VAT Audit :: form 3cd :: cpt :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD
 
 
« Service Tax »
 Changes In Central Goods And Services Tax Rules, 2017
 Simple tax made complex
 Govt may review monthly GST return filing process
 Central Goods and Services Tax (Eleventh Amendment) Rules, 2017
 Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017
 Composition Scheme - the Central Goods and Services Tax (Removal of Difficulties) Order, 2017
 Govt asks taxpayers to file GST return for July by Tuesday
 FAQ On Government Services Under GST
 Income Tax Appellate Tribunal, Visakhapatnam Bench List Of Division Bench Cases Posted Before During The Period From 03rd Octombar To 13th October , 2017.
 Facility of LUT extended to all exporters / registered persons subject to conditions
 GST implementation – Hasty turns out nasty

Revenue from service tax to pip custom and excise in FY15
February, 19th 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