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 INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: VAT RATES :: list of goods taxed at 4% :: TDS :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: VAT Audit :: cpt :: form 3cd :: due date for vat payment :: articles on VAT and GST in India
 
 
« Service Tax »
 India’s E-Service Tax Will Add To Foreign Content Providers’ Woes
 GST Council to discuss model laws, tax jurisdiction today
 Tax Invoice Under GST
 Insurance may fall under 12% tax slab in GST, from 14% service tax currently
 GST draft makes it must for companies to pass tax benefit to consumers
 To speed passage, Government plans GST Bills as money Bills
 No service tax on train tickets booked through IRCTC till December 31
 GST Council meet postponed to December
 Banks integrating systems with RBI, GST Network to collect tax: Arun Jaitleya
 Service tax waived for online train ticket booking till Dec 31
 Key challenges in implementation of Goods and Services Tax

May get service tax relief
June, 16th 2009

Exporters may be spared from having to pay taxes on any services availed during the course of their business, and could just file a return as a proof, if the finance ministry accepts a proposal being readied by the commerce department for inclusion in the upcoming Budget.

The finance ministry, at present, allows exporters to claim refunds for some 20 services after taxes, fixed at 10% of the value of the service availed, have been paid, as it feels this is an easier way to monitor claims made by exporters.

The list of services availed by exporters includes banking and other financial services, port services, transport of goods by road and railways, general insurance, technical testing & analysis, storage & warehousing, business exhibition services and specialised cleaning services.

Commerce department officials said the view now emerging was that instead of refunding taxes paid on certain identified services, exporters should be given a blanket exemption and asked to file a return for the exemption availed.

Claiming a refund is a pain-staking process. Exporters keep complaining that their funds stay locked with the government at a time when there is a global credit crunch. So, we are pushing for service tax exemption, a commerce department official told ET.

The condition that the exporter should file a return for the exemption claimed will ensure that the benefit is not misused, added the official, who asked not to be named.

For instance, if an exporter uses a truck to transport goods for export from his factory to the port and does not pay service tax on it, he can get a receipt for it and attach it with his returns. Since the receipt will have the details, including the points of loading and unloading, he cant cheat, the official explained.

While the view of the finance ministry, which puts together the Budget, on this specific proposal is not yet known, the government has in the past promised all measures to help the export sector, among the worst hit by the steep slump in global trade. Indias merchandise exports fell 30% last month, the eight straight month of decline.

Trade minister Anand Sharma earlier this month promised measures in the July Budget and also in the foreign trade policy, to be announced in August, to help alleviate some of the pain being felt by the sector.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Customer relationship management software CRM software Operational CRM Collaborative CRM

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