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: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: form 3cd :: cpt :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: VAT RATES :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
News Headlines »
 Infosys to configure GST network for filing returns
 Save income tax through mutual fund investment. All you need to know
 Income tax returns (ITR): On sale of property, here is what you should know
 Section 35 of the Income-tax Act?
 Notification regarding extension of last date w.r.t submission of closing stock by dealer.
 Integrated Goods and Services Tax (IGST) Rules, 2017 (As on 15.11.2017)
 Central Goods and Services Tax (CGST) Rules,2017 (As on 15.11.2017)
  101st Constitution Amendment Act, 2016
 Pr. Commissioner Of Income Tax-6 Vs. Mccain Foods India Pvt. Ltd.
 Section 10 of the Income-tax Act, 1961
 Income tax returns filing: No tax on gift received from relatives in form of cash

Service tax exemptions may hit finmin roadblock
April, 24th 2007

Commerce and industry minister Kamal Nath's plans of providing service tax exemption to exports in the annual supplement to the Foreign Trade Policy may hit a roadblock. As reported by FE earlier, the finance ministry seems unwilling to give up over Rs 650 crore of revenue it expects to earn from taxing exports.

According to sources, the ministries are likely to hold further talks before taking a final decision. The decision to provide service tax exemption to exports was made without taking into account the revenue implications, sources added.

The commerce ministry has, however, ruled out any financial implications of exempting exports from service tax, referring to it as only a notional loss. There is no question of revenue losses from service tax exemption as it is not a payment but a refund procedure. All levies and taxes will be remitted to exporters, Nath had said. The commerce ministry has sent a list of export-related services, including use of overseas agents for getting export orders, haulage charges incurred overseas, printing brochures for global exhibitions and availing warehousing facilities abroad to the finance ministry.

One of the reasons for the commerce ministry setting a high export target of $160 billion is the expectation of a concession from the finance ministry on service tax.

Export Blues
Finance ministry unwilling to give up over Rs 650 cr earning, expected from taxing exports
Commerce ministry says, it is not a payment but a refund procedure
At present, exporters pay 12.36% service tax on all exports
 
At present, exporters pay 12.36% service tax on all exports. Present rules do not allow for any refund of services availed after the manufacturing of goods, and also for selling. Exporters have time and again complained of the burden of the tax, saying it hurts their businesses, since they cannot do without the agents who get them major foreign buyers.

The decision to exempt service tax on exports has been widely welcomed by exporters. The decision is considered to be one of the key features of the Foreign Trade Policy review. The move is meant to provide a boost to exporters. Abolition of service tax is also expected to help exporters tide over the rising rupee scenario.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

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