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 :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: form 3cd :: cpt :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: articles on VAT and GST in India :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD
« News Headlines »
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout
 Income-tax (27th Amendment) Rules, 2016 - 92/2016

Tax sops for exports had PMs backing
April, 25th 2007

The commerce ministry on Tuesday said the 12.36% service tax exemption on exports in the annual supplement to the Foreign Trade Policy (FTP) announced last week had the consent of Prime Minister Manmohan Singh.

The commerce ministry had denied the announcement was made unilaterally, as suggested by the finance ministry. No Foreign Trade Policy can be announced without the approval of the Prime Minister. The Prime Minister had approved the service tax waiver two days before the announcement, a commerce ministry official said. The issue was also discussed with the finance ministry several times, the official said, adding, since Parliament session was on, a copy of the policy was placed before the speaker before it was announced on April 19.
Asked whether his ministry was against the service tax exemption, finance minister P Chidambaram said, I do not want to comment on the issue.

After the announcement, sources said the finance and commerce ministries were 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.

Earlier, reported before the announcement of the FTP that the finance ministry was unwilling to give up over Rs650 crore of revenue it expects to earn from taxing exports. 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 will be remitted to exporters, commerce and industry minister Kamal Nath had said. The commerce ministry has also 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.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

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