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: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: VAT Audit :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: TDS :: empanelment :: form 3cd :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT
« News Headlines »
 New Opening Financial Controller Chartered Accountant (Manufacturing Plant) A Leading Company
 Income Tax Filing 2017: All you want to know about the single page ITR form SAHAJ
 How to benefit from investments in tax saving mutual funds
 60 per cent of income tax notices on fishy cash deposits returned
 All about income tax return form Sahaj
 Why seeing Form 26AS is a must before filing tax return and how to access it
 No tax on notice period pay cut
 Interpretation Of Central Goods And Services Tax (Cgst) Act (Part-1)
 What to do if you haven’t filed your taxes
 Income Tax Declaration To Employer: 10 Changes You Should Be Aware Of
 What your income tax says about you

Finance Ministry still to issue circular on service tax waiver
May, 03rd 2007
Exporters want Prime Minister to intervene

What was seen as the single biggest concession for the exporting community in the recently announced Foreign Trade Policy statement may now turn into a damp squib.

The enabling notification by the Finance Ministry, sealing the announced relief on service tax for exporters, for services rendered abroad, has still not come, though (as per the FTP statement) the Revenue Department has sought 30 days time (from April 19) for issuing the circular to make the relief operative.

It is learnt that while the Finance Ministry has been taken by surprise by the announcement on tax waiver on April 19, the Commerce Ministry is claiming to have received the Prime Minister's clearance for the same.

Exporters' worry

The Engineering Export Promotion Council (EEPC) has sought the intervention of the Prime Minister, Dr Manmohan Singh, to resolve the problem, which has raised alarm bells among exporters who already feel that an export target of $160 billion for 2007-08 was perhaps quite steep, given that the amount achieved for 2006-07 was $125 billion.

Mr Rakesh Shah, National Chairman of EEPC, said that the council, in a recent letter, has urged the Prime Minister to request the Finance Ministry to "issue the necessary circular in the letter and spirit of the policy commitment made in the Commerce Minister's statement made on April 19."

Mr Shah, in his representation, has said: "Unfortunately, within a couple of days of announcement of the Annual Supplement, reports indicate that the Finance Ministry is against such an exemption of service tax on export-related services rendered abroad, and may not issue the necessary circular."

He added that it is the credibility of the Government would be at stake if their own policy statement were not acted upon.

In the case of indirect duty revisions that the Finance Minister makes on Budget day every year, notifications are issued immediately for the revised levies to come into effect from midnight the same day.

"In this case too, a similar notification should have been issued."

Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Outsourcing Test Solutions Software Testing Software Bug Testing Software Issues Tracking Software Issue Fix Software Code Optimization Database Design Optimization

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