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: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: VAT RATES :: form 3cd :: empanelment :: ACCOUNTING STANDARDS :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
Service Tax »
 GST: Centre, states to divide taxpayer base
 A 5-Point Guide For Buyers To Understand The Effect Of GST On Real Estate
 Stalled unsorted diamond imports to resume after GST rate revision
 TDS, TCS deductors can apply for GST registration from 18 September
 E-commerce companies face tax heat as I-T department says discounts should be treated as capital spend
 Central Goods and Services Tax (Sixth Amendment) Rules, 2017
 GST will also impact direct tax collection
 Seeks to extend time period for filing of details in FORM GSTR-6 for months of July & August
 GST: Is input tax credit available for tax paid on mobiles given to staff?
 GST filing, reconciliation solution launched
  Finance Ministry asks taxmen to submit note on high-pitched assessments

New service tax regime from July 1
June, 28th 2012

With a new service tax regime set to be imposed from July 1, the debt-ridden state government may get hundred crores more from the share of indirect central taxes in this fiscal. Thanks to the good growth in excise and service tax collection from the state in this financial year so far this year. Going by the indication, the combined collection of service tax, excise tax and customs duty could be more than Rs 25,000 crore from Kolkata circle, which is would be Rs 5,000 to Rs 5,500 crore more than 2011-12.

The states get a share of excise and customs duty, though the service tax distribution formula has not yet been worked out. Commissioner of service tax and central excise Sunil K Das, however, though was tight-lipped about the figures but added that there was a good growth in service and excise tax last year. and it could be even better this year.

"The collection of service tax will be definitely much better this year following the new service tax regime from July 1. The excise collection is also good," Das said. He was talking to reporters after an interactive session with the members of MCC Chamber of Commerce and Industry. Incidentally, from July 1,2012,

Service tax will is set to be imposed on all services except 17 items specified in the negative list. As a result barring 17 items under the negative list everything will come under tax.

The states get 2.5% of the central tax collected from the region except service tax.

Das The service tax and central excise commissioner said there has been a growth of 37% in the service tax collection from Bengal in 2011-12, which was one of the highest in the country. "The total collection was Rs 3,200 crore which is good," he said. The tax experts feel that the figure should be double this year with introduction of new areas under service tax. In the excise front,

The state had registered a growth of 25% in excise tax collection. "The collection of excise tax was Rs 7,500 crore while customs duty was Rs 7,600 crore." he added.

The total service tax collection in India was Rs 97,000 crore in 2011-12 from Rs 64,000 crore in 2010-11. It may be noted that the state government is hoping to cross Rs 30,000 crore revenue collection mark from state taxes this year. The state finance minister had earlier said that it has collected additional revenue of Rs 4,000 crore in 2011-

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Contact Us

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