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
« Direct Tax »
 CBDT breather soon on past angel tax demands
 Infosys-built system to cut tax return processing time to 24 hours by 2020
 Notification No. 04/2019-Central Board of Indirect Taxes and Customs
 Income tax exemption limit likely to be increased to Rs 5 lakh
 Bringing back the local in the national tax regime
 CBDT chief cautions I-T officials about direct tax collection growth rate
 No TDS for long-term property lease premium, says Mumbaiā€™s Income-tax Appellate Tribunal
 Bansal Overseas 121 KM Stone, Near Namastesy Chowk, G. T. Road Karnal vs. ACIT Karnal Circle, Aayakar Bhawan, Sector- 12, Urban Estate Karnal
 How to invest, how much you may invest and save in taxes SBI Tax Saving Scheme
 Taxman on a refunds spree as income tax returns hit record high in FY19
 CBDT issues final notification on securities tax exemption

Postpone implementation of new service tax regime: CBEC panel
June, 20th 2012

A CBEC panel wants the new service tax regime, which is scheduled for implementation from July 1, be deferred by 3-4 months as more time is needed to put in place the required framework.

Under the new regime, service tax will be levied on all but 17 services -- lottery, betting and gambling etc specified in the negative list.

"The group feels that it would be ideal if the new provisions (negative list approach) are made applicable after a gap of 3 to 4 months, i.e. by October, 2012," the group said in a presentation to top Central Board of Excise and Customs (CBEC) officials recently.

It said the necessary preparation to smoothly implement the new scheme of levy is "likely to take some time".

"The group strongly feels that the operation of the scheme should commence only after department is well prepared and also after the taxpayers have imbibed the full implication of changes that have been brought," it added.

The government has notified that the negative list-based taxation of services will become operational from July 1.

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.

The Group also pointed out that adoption of levy of service tax based on negative list would lead to a qualitative change as almost all activities of a service provider are likely to be covered under tax.

"The department should prepare itself to deal with this added responsibility and the workload both in terms of taxpayer facilitation and compliance verification. It requires adequate time to be in the state of preparedness," it said.

The negative list approach, a precursor to the proposed Goods and Services Tax (GST) regime, is aimed to wider coverage of taxation.

The panel also suggested that a list of services, on a illustrative basis, that would henceforth be under tax net should be circulated to bring in further clarity.

The government aims to garner Rs 1.24 lakh crore from Service Tax during 2012-13.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Organic SEO Outsourcing Organic Search Engine Optimization Outsourcing Organic Website SEO Organic SEO India Website SEO India Organic Search Engine Optimization India Organic Internet SEO India Organic Web

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