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: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: empanelment :: cpt :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: due date for vat payment :: VAT Audit :: list of goods taxed at 4%
 
 
« News Headlines »
 You can make these 6 investments for tax-free income
 E-verifying your income tax return, find it here
 Filing of online return for 4th quarter of 2016-17 — extension of period thereof
 CBDT simplifies ITR filing process from FY18
 Govt extends service tax return filing date to April 30
 No move to tax farm income, clarifies Arun Jaitley
 New board for indirect taxes to become operational from June 1
  9 changes that came into effect from April 1
 First time filing income tax? Here's all you need to know about Form 16 and Form 26AS
 New Opening Financial Controller Chartered Accountant (Manufacturing Plant) A Leading Company
 Income Tax Filing 2017: All you want to know about the single page ITR form SAHAJ

E-payments of service tax not a big hit yet
August, 02nd 2007

Electronic payment of service tax by high value service tax payers has not gathered momentum going by the information available with the Finance Ministry. On the other hand, electronic payment of excise duty has been a big success although the mandatory payment norm came into effect only from April 1 this year.

Only about 50 per cent of the high value service tax payers, who are required to fulfil their services tax obligation through electronic payment, is using this mode of payment, a senior Finance Ministry official said.

We are quite hopeful this situation would change in the coming days, the official added.

Mandatory e-payment

The Government had last year made electronic payment of service tax mandatory from October 1, 2006 for certain category of service tax assessees. All service tax assessees whose payment of service tax exceeds Rs 50 lakh in a financial year would have to pay service electronically, the Government had then said.

Currently, services account for about 56 per cent of the countrys gross domestic product. In fiscal 2006-07, the Centre collected service tax of about Rs 38,169 crore and has targeted collection level of Rs 50,200 crore in fiscal 2007-08.

Meanwhile, electronic payment of excise duty has taken off in a big way if one went by the duty collections made through this mode. About 89 per cent of the Centres excise duty collections is made through electronic payments mode. The Finance Ministry had with effect from April 1 this year made it mandatory for assessees with excise duty obligations of over Rs 50 lakh to make e-payments only.

 

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

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