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: list of goods taxed at 4% :: form 3cd :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: empanelment :: cpt :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: articles on VAT and GST in India :: due date for vat payment :: TDS :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
News Headlines »
 How to link your Aadhaar and PAN details to file income-tax returns
 How to calculate capital gains tax on property sold at less than stamp value?
 Return Filing - Under GST, this is how you will file tax returns from July 1
 Income tax filing FAQs part 1
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
 New tax accounting standards may reduce leeway for infrastructure companies
 GST – CONCEPT & STATUS – As on 01st May, 2017
 Govt extends VAT deadline, relief for developers
 Income Tax Appellate Tribunal Rules, 2017
 Got your Form 16? You should file income tax returns early to enjoy benefits

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