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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: Central Excise rule to resale the machines to a new company :: form 3cd :: ACCOUNTING STANDARDS :: VAT Audit :: TDS :: VAT RATES :: articles on VAT and GST in India :: list of goods taxed at 4% :: ACCOUNTING STANDARD
 
 
« 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

Service tax payers need to be cautious on new regime
July, 02nd 2012

As the negative list of services tax is launched from Sunday, confusions are galore that persist over the topic. Nearly 17 services have been kept out of the list and the service tax at the rate of 12.36% will be applicable in the remaining all 120 services.

But, the problem was that even those services that have been included in the negative list can fall under the service tax net in certain conditions. For example, there will be no service tax on payment of house rent. But the same will become applicable on rent in case the house was being used for commercial purposes.

Sheeetal Jain, chairperson, Indore branch of the Institute of Chartered Accountants of India, said, "It is always good to take advices of tax practitioners so as to avoid any confusion. Even those items that are included in the negative list of service tax will also become liable for tax in certain conditions. Again, the exemptions are applicable only under certain conditions. If education has been kept in the negative list, then it is applicable only up to secondary school education level as the tax will be applicable in all higher classes."

Dircption:- As the negative list of services tax is launched from Sunday, confusions are galore that persist over the topic. Nearly 17 services have been kept out of the list and the service tax at the rate of 12.36% will be applicable in the remaining all 120 services.

But, the problem was that even those services that have been included in the negative list can fall under the service tax net in certain conditions. For example, there will be no service tax on payment of house rent. But the same will become applicable on rent in case the house was being used for commercial purposes.

Sheeetal Jain, chairperson, Indore branch of the Institute of Chartered Accountants of India, said, "It is always good to take advices of tax practitioners so as to avoid any confusion. Even those items that are included in the negative list of service tax will also become liable for tax in certain conditions. Again, the exemptions are applicable only under certain conditions. If education has been kept in the negative list, then it is applicable only up to secondary school education level as the tax will be applicable in all higher classes."

Sunil Bajaj, the newly elected secretary of Yeshwant Club, said, "The government has set target to collect revenue amounting to Rs 1.24 lakh crore through the additional services. Hence my advice to the taxpayers will be that they should be honest towards the payment of taxes."

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

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