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
Latest Expert Exchange
Service Tax »
 12 ways to avoid paying more for bank services
 I-T return filing: Income Tax offices, Ayakar Seva Kendras to remain open from March 29-31
 Top 5 money matters you must settle before March 31 From income tax returns to LTCG,
 Steep fines for missing March 31 income tax deadline
 CBEC clears some air on refunds under GST, central excise, service tax laws
 3 key tax changes for senior citizens which will come into effect from April 1, 2018
 Income tax returns (ITR) filing: Not filed returns for 2 years? Beware! Deadline nearing
 All you want to know about HRA: When you can claim and how it is calculated?
 Income Tax Saving: 6 ways to save tax without investing before March 31 tax deadline
 Unnable to file your tax return? Take help of these portals
 Do you know which 80C instruments can help you save tax and carry no future tax liability?

Service tax in comex is here
June, 06th 2008

Sub Heading : Government ends the ambiguity on imposition of service tax

 The government may have finally put the service tax issue to rest, but the spectre of the commodity transaction tax (CTT) is still haunting commodities futures trading.

The government went against tradition to enforce the service tax from May 16, instead of April 1. Now, with CTT expected to come into effect from this month, traders are keeping their fingers crossed. Generally, announcements made by the finance minister in the annual Budget come into effect from April 1. However, finance minister P Chidambaram brought commodities futures trading under the purview of the Budget, just this year.

The proposal evoked criticism, with experts saying it was not the appropriate time to impose tax. This opposition resulted in a delay in the imposition of the service tax.

"Representatives from the Forward Market Commission (FMC), National Commodity and Derivative Exchange (NCDEX) and the Multi Commodity Exchange (MCX) met finance minister, requesting him not to impose service tax and CTT. They argued that with futures trading in India still at a nascent stage, the introduction of such taxes would hamper its growth," said Chintan Modi, head, commodity research team, India Infoline.

But May brought no respite to the commodity market.

A circular from the finance ministry released on May 10 said that while services provided by commodity exchanges were not covered under service tax by the Finance Act, 2008, service tax would be applicable with effect from May 16, 2008.
Accordingly, service tax of 12.36% will be collected on charges levied by the exchanges from May 16. The invoice for charges will contain the service tax registration number, serial number, description of services, etc., to enable members to claim CENVAT credit. Apart from service tax, customers would also have to pay brokerage, transaction tax, and stamp duty.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Website Ranking Website Ranking Company Website Positioning Alexa Ranking Website Promotion Website top 10 ranking website top 10 promotion search engine result promotion Strategic Internet Marketing Website Optimization Website Ranking Factors

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