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: ACCOUNTING STANDARDS :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: form 3cd :: articles on VAT and GST in India :: VAT RATES :: VAT Audit :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: cpt :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
Service Tax »
 What does GST hold for Indian youth?
 GST will help India move towards becoming a commercial union
 Friendly advance ruling mechanism to smoothen ride under GST regime
 GST impact: Small businesses could under-report income initially
 The art of doing business under GST
 GST council to debate tax on services, fitment of items on April 18-19
 Online Services – Changes In Service Taxation
 States deserve bigger share of GST pie
 Mumbai zone service tax mop-up falls short of revised target
  Composition Tax under CGST Bill,2017
 GST Network expects last-minute rush from taxpayers

Service tax should be cut to 8 per cent
June, 24th 2009

Although a large section of the industry has expressed its wishlist for the general Budget, a review of service tax tops the demand with several quarter petitioning reduction in the rate from 10 per cent to about 8 per cent in the indirect tax to bolster sagging demand for industrial goods and services.

Arvind Pradhan, director general of the Indian Merchants Chambers (IMC) said that the trade body has pleaded for reduction of service tax from the present rate of 10 per cent to 8 per cent, in tune with the reduction in Cenvat rate, for boosting the services sector which is reeling under the impact of economic slowdown.

Service tax rate on taxable services were brought down from 12 per cent to 10 per cent by Finance Minister Pranab Mukherje in February.

Pradhan said that they have also urged upon the Pranab Mukherjee for granting appropriate exemptions either full or part to sectors likely to be affected under the current economic downturn, like hospitality, travel & tourism, real estate etc, in respect of services provided by them.

According to Vinod Juneja, managing director of Binani Industries Ltd, infrastructure development sectors like highways, roads, ports etc should be given added priority and high taxes in industries like cement and coal should be rationalised.

Since, cement is a bulk commodity with a high distribution cost, we also seek an abatement of at least 35 to 60 per cent in excise duty on cement from the government. These benefits will be passed on to the consumers and help to kick start the low-cost housing projects and give boost to more infrastructure development, he said.

Talking on gypsum and coal, Juneja said that currently, VAT was at 12.5 per cent and excise duty was at 8 per cent, plus there are taxes on import of gypsum and coal due to whcih the total tax levy comes to 21 per cent, this according to him should be reduced to 11 per cent as whole.

Several industries have also demanded a amendment to the law governing imports of services to avoid double taxation.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

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