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: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: empanelment :: cpt :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: due date for vat payment :: form 3cd :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: TDS :: VAT Audit
 
 
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

Service tax circulars will soon be simple and easy to understand
May, 24th 2007

CBEC to consolidate the existing 200 circulars into two comprehensive ones

Service tax circulars are set to get simpler. Following the Rustagi Committee Report on procedural simplifications of service tax, the Central Board of Excise and Customs (CBEC) is planning to come out with two comprehensive circulars, incorporating all the missives issued till date.

The present 200-odd circulars on service tax are likely to be replaced with two circulars. There will be one main circular. In addition, there will be a separate circular for technical clarifications.
According to sources, the CBEC has put forward the proposal to various stakeholders, including trade and industry associations.

Once it ascertains public views on the issue, it will take a final decision. If all goes well, the two new circulars should be out in the coming few months, sources added.

As a first step in this direction, the department has already accepted one of the recommendations of the committee.

Procedural Changes
There will be a separate circular for technical clarifications
CBEC has forwarded the proposal to various stakeholders for study
The board will take a final call after it ascertains public views on the issue
The Rustagi panel has suggested 57 circulars be scrapped and 136 retained
CBEC has been issuing circulars on service tax since 1994...
...but many circulars are said to have created problems
 
Earlier this month, the department decided to withdraw 48 circulars, clarifications and instructions issued on service tax and procedures, which have outlived their utility.

The committee, which submitted its report in March, had undertaken a review of the numerous circulars issued by the CBEC on matter relating to the CBEC. It has suggested the withdrawal of 57 circulars clarifications and instructions on topics, including valuation rules, Cenvat credit for telephone services, registration of stock brokers and modification of 108 of these on issues like valuation rules, telephone service, insurance and advertising.

The panel had also recommended retaining 136 of the circulars, clarifications and instructions in their present form. These circulars relate to credit card services, Internet telephony, sale and purchase of securities by a broker.

The CBEC has been issuing circulars on service tax since 1994. However, there have been numerous changes in the service tax law. Many of the circulars are no longer relevant and this has created problems for users.

Returning a favour or favouring a return?
FMSPEAK
The scheme seeks to deliver services at low or marginal cost at the taxpayers doorsteps
Along with small entrepreneurs, insurers & banks will employ themselves to sell products
OTHER ASPECTS
Tax preparers to get commissions from the I-T dept; they can charge up to Rs 250 as service fee
I-T dept has set up a resource centre to monitor the implementation of the scheme

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
System Testing Solution Manual Software Testing Solutions Automation Software Testing Solutions System Workflow Testing System Manual Testing

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