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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: list of goods taxed at 4% :: TDS :: form 3cd :: empanelment :: ACCOUNTING STANDARDS :: VAT RATES
 
 
« Service Tax »
 India’s E-Service Tax Will Add To Foreign Content Providers’ Woes
 GST Council to discuss model laws, tax jurisdiction today
 Tax Invoice Under GST
 Insurance may fall under 12% tax slab in GST, from 14% service tax currently
 GST draft makes it must for companies to pass tax benefit to consumers
 To speed passage, Government plans GST Bills as money Bills
 No service tax on train tickets booked through IRCTC till December 31
 GST Council meet postponed to December
 Banks integrating systems with RBI, GST Network to collect tax: Arun Jaitleya
 Service tax waived for online train ticket booking till Dec 31
 Key challenges in implementation of Goods and Services Tax

Brace up to pay more service tax in 2011-12
March, 05th 2010

Trinamool Congress chief and railway minister may be fussing over imposition of service tax on rail freight on non-essential commodities but by next year, the government has plans to bring all services, including passenger fare and all freight under the tax net.

Not just the Railways, the revenue department is looking at services which constitutes 60% of GDP at current costs as a major source of revenue in the future once the unified Goods and Services Tax is implemented, likely from the start of 2011-12.

A senior finance ministry official said barring certain services like primary health, education, government services and sovereign functions such as defence and security, all other services will be brought under the service tax net. In the Budget for 2010-11, the government brought domestic air travel, movies, IPL cricket, beauty pageants and lotteries under the service tax net.

Each of them, according to preliminary estimates made by the Central Board of Excise and Customs (CBEC), is likely to fetch upwards of Rs 100 crore, barring air fares that is estimated to net Rs 500 crore a year.

Income on account of service tax on rail freight is likely to get the government around Rs 800 crore. The total incremental gain due to broadening of the service tax base this year is estimated to be Rs 3,000 crore.

However, service tax on railways this year has been limited to freight of non-essential items. This means prices of mass-consumable goods such as soaps, shampoos and electronic goods are likely to go up with service tax to be levied at the rate of 10% on their transport.

The expanded list includes cinematographic films and sound recording and copyright. Health check-up being paid for by employers, additional services provided by a builder to prospective buyers such as preferential location or external or internal development of complexes on extra charges, clubhouse, ACs or park-facing locations are in the tax net.

Service of promoting of a brand of goods, services, events like beauty pageants, business entity, etc; promotion, marketing or organizing of games, including lottery, is being introduced as a separate service this year.

Among the expanded list of four services, domestic air passenger service has been included and international journeys in any class.

All coaching classes will now come under the tax ambit. Similarly, sponsorships in sports has also been included while national sports federations will continue to get exemptions.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

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