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: form 3cd :: VAT RATES :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: TDS :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: 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

Tax all but 35 services, states ask Centre
March, 05th 2012

States have no objection to the Centre widening its service tax net in the forthcoming Budget, as long as 35 services like ambulance, beauty parlours, marriage halls, interest on bank deposits, leasing of vehicles and machines are kept out of the ambit of the levy.

With a broad consensus emerging between the states and the Centre, Finance Minister Pranab Mukherjee may announce coverage of most of the services used by individuals and business in the Budget 2012-13 to be presented on March 16.

The Centre has proposed introduction of a negative list service tax regime, meaning services out of the list would be taxed.

A unanimous view to this effect emerged in the meeting of the Empowered Committee of State Finance Ministers.

The panel, chaired by Bihar Deputy Chief Minister Sushil Modi, is examining the Centre-state issues on the much-delayed Goods and Services Tax (GST).

"The Empowered Committee is in favour of negative list. Centre can go ahead of with the negative list. It can be implemented from April 1, 2012, (but) 35 items approved by States (must) be kept in the negative list," Modi told reporters here.

He said the Centre should not impose service tax on the items falling in Schedule VII's List II of the Constitution, on which state impose taxes.

The panel, Modi said, has finalised the list of 35 services which should be included in the negative list.

Earlier, the Centre had released a negative list containing 22 services. At present, the tax at the rate of 10 per cent is levied on 119 services. For the current fiscal, the Centre hopes to mop up Rs 82,000 crore from this levy.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Portfolio

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