Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: TDS :: articles on VAT and GST in India :: VAT RATES :: cpt :: empanelment :: list of goods taxed at 4% :: form 3cd :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD
 
 
Service Tax »
 Simple tax made complex
 Govt may review monthly GST return filing process
 Central Goods and Services Tax (Eleventh Amendment) Rules, 2017
 Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017
 Composition Scheme - the Central Goods and Services Tax (Removal of Difficulties) Order, 2017
 Govt asks taxpayers to file GST return for July by Tuesday
 FAQ On Government Services Under GST
 Income Tax Appellate Tribunal, Visakhapatnam Bench List Of Division Bench Cases Posted Before During The Period From 03rd Octombar To 13th October , 2017.
 Facility of LUT extended to all exporters / registered persons subject to conditions
 GST implementation – Hasty turns out nasty
 What is Goods and Services Tax Network (GSTN)?

Government to exempt 14 more services from tax
June, 22nd 2012

Advocates with a turnover of up to Rs 10 lakhs, companies engaged in construction of metro projects, law firms, and entities providing public conveniences will not have to pay 12 per cent service tax.

The government today announced that 14 more services would be exempted from payment of service tax by including them in the negative list which shall come into effect from July 1.

With the inclusion of 14 items, the total number of services in the negative list will go up to 38. All other services which do not figure in the list would be taxed.

Releasing the 107-page book 'Taxation of service: An Education Guide', Finance Minister Pranab Mukherjee said that with the expansion of the service tax base, it would be possible for "the Central Board of Excise and Customs (CBEC) to exceed the collection target of Rs 1.24 lakh crore in the current fiscal".

The government has collected Rs 97,000 crore on account of service tax in the last financial year. For the current year, the government has hiked the service tax rate by two per cent to 12 per cent.

As per the guide, the 14 services which will be exempted from payment of tax include lending of books, publications or any other knowledge enhancing content or material by public libraries.

Besides, services provided to the government, local authorities or a government authority for the repair and maintenance of an aircraft would also come in the negative list.

Also, services provided by advocates to other advocates and business entities up to a turnover of Rs 10 lakh in the preceding financial year is exempt from service tax.

It said services provided by way of public convenience such as provision of facilities of bathroom, washroom, urinals or toilets would be included in the list.

The other services which would be exempted from tax include, auxiliary educational services and renting of immovable property provided by educational institutions in respect of education exempt from service tax.

Besides, services relating to works contract to a scheme under JNNURM or Rajiv Awas Yojana would also come into the negative list.

The government has widened the definition of 'Services' to bring in more activities under the tax net. At present, 119 services that come under 'positive list' are levied.

As per the negative list, services like metered taxis, auto rickshaws, betting, gambling, lottery, entry to amusement parks, transport of goods or passengers and electricity transmission or distribution by discoms have been kept in the negative list.

Other important services which will not attract the tax include funeral, burial, mutate services and transport of deceased.

Coaching classes and training institutions will come under the net, though the tax will not be levied on school, university education and approved vocational courses,

Travel in first class and in air-conditioned rail coaches, too, will attract service tax.

The services sector account for about 60 per cent of the country's Gross Domestic Product.

In order to bring as many services as possible in the net, the government has come out with a very wide definition of service. With some exception, it has been defined service as "any activity carried out by a person for consideration".

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

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