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: empanelment :: VAT RATES :: VAT Audit :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: ACCOUNTING STANDARDS :: cpt :: ACCOUNTING STANDARD :: TDS :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
« Service Tax »
 GST to enhance ease of doing business, says Assocham
 Govt sources say cess is a better option than high tax rate
 Goods and Services Tax: There should not be more than three grades of rates, says Chidambaram
 Chidambaram says there cannot be multiple tax slabs in GST
 Service tax officials transferred for favouring realtor
 GST, a challenge and opportunity for accounting professionals’
 Service Tax On Hotels And Restaurants – Recent Delhi High Court Judgment
 GST Council discusses 4-tier tax rate, cess on demerit goods
 Why you shouldn’t miss these three simple tax saving options beyond Section 80C
 Determination of value for transactions between the Related parties under GST Laws.
 Higher collections can offset GST losses

Chidambaram stands his ground on service tax
March, 10th 2013

Finance minister P. Chidamabram has ruled out rollback of the budgetary proposal that aims to empower taxmen to arrest those guilty of not paying service tax exceeding Rs 50 lakh arguing that it is a step not against the consumer but the tax evader.

Briefing 100 party MPs from Lok Sabha and Rajya Sabha on Budget proposals which are expected to come up for debate in Parliament next week here on Friday, Chidambaram said that service tax is collected from the consumer but not deposited with the government.

Some Bharatiya Janata Party MPs are strongly opposed to this provision on the ground that it could lead to harassment of assessees and bring back memories of the bad old days of 'inspector raj'. Sources said only a couple of Congress MPs raised the issue asking if the government could have a relook at it.

Chidambaram told the lawmakers that some tough steps are required. "We have to control the fiscal deficit. We do not have much resources at this time. So, whatever we have to, we will have to do within limited resources," he said.

However, amid concerns in Congress, Chidambaram assured party MPs that funds will not be a constraint in implementing the ambitious Food Security Act, direct transfer of benefits and MNREGA. The finance minister said that despite the financial constraints before the government in a scenario of global economic slow-down, the government has not compromised anywhere so far in funding of flagship schemes. He added that funds would not be a problem as the MPs wondered why only a sum of Rs 10,000 crore has been earmarked for the food scheme in the Budget.

Chidambaram said that as and when the food ministry fine-tunes the Food Security Bill, the government will know the quantum of subsidy. The government will not be found wanting and the money will be given, he said.

Chidambaram advised the MPs to educate people about the flagship programmes and leverage them for electoral benefits ahead of 2014 Lok Sabha polls.

The name of Narendra Modi also cropped up during the oneand-half-hour interaction over the Gujarat chief minister's claims on the issue of development. Some MPs said that his development claims are not right. As part of the government's efforts to kick-start the growth engine, Chidambaram told concerned ministries to get early approval for their plans so that they could go cracking in the year ahead. The issue of the fiscal incentives given to business communities in the last three years was also briefly mentioned in the meeting.

At the outset, the finance minister told the lawmakers that they could raise doubts, ask any questions and seek explanation. The MPs expressed concern over the slowdown in the economic growth rate and wanted to know the measures being taken to arrest the slide.

The meeting also saw a number of MPs questioning why the gap between the rich and the poor is widening. Some members also raised the problems faced by industrialists. Some MPs told Chidambaram that they would defend his proposals in Parliament. "But what will we tell the people (on the criticism of the Budget),"' they sought to know. Chidambaram said that these are difficult times, but "we have to bring economy back on the high growth path".

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

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