Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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: ACCOUNTING STANDARD :: cpt :: form 3cd :: Central Excise rule to resale the machines to a new company :: TDS :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: list of goods taxed at 4% :: VAT Audit :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: ACCOUNTING STANDARDS
News Headlines »
 How to save income tax? Best tips for young earners
 Forgot to verify your income tax return? Here's help
 Notification of Government e-Marketplace (GeM) under section 138 of the Income-tax Act
 Income tax returns can be filed even if you missed deadline
 What is the difference between a tax return and a tax refund?
 Improving tax compliance in India
 How to invest in the new LTCG tax regime
 5 Tips to help you save tax
 Why to file income tax return?
  Income Tax For Individuals – Assessment Year 2019–20
 RBI mentions 5 tax implications on investments and savings

Service Tax special counters to be opened on August 2, 3
August, 02nd 2007

The Union Government has brought seven new services under the service tax net from June 1, this year. The Central Excise Commissionerate (Service Tax) of Mangalore will open special counters at divisional offices in Mangalore and Udupi on August 2 and 3 for spot registration of the assessees, the Commissioner of Central Excise and Customs, M Ajit Kumar, said here on Monday.

He told presspersons that telecommunication service; mining; renting of immovable property service for use in the course of furtherance of business or commerce; and service provided in the execution of a works contract, excluding works contract in respect of roads, airports, railways, transport terminals, bridges, tunnels and dams, have been brought under the service tax net.

In addition to this, designing service; asset management, including portfolio management, and all forms of fund management service provided by any person; and development and supply of content service for use in telecommunication services, advertising agency services and online information and database access or retrieval services have been brought under the service tax net.

Ajit Kumar said the new services would attract tax only if their aggregate value of taxable services exceeds Rs 8 lakh per annum for the year 2007-08. (Hence the maximum exemption limit available is, taxable services provided upto Rs 8 lakh in an year.) However, such service providers should register their names with the department, the moment the aggregate value of taxable services in a year exceeds Rs 7 lakh.

Service tax is levied at 12.36 per cent (12 per cent service tax, 0.24 per cent education cess and 0.12 per cent secondary and higher education cess) on the seven new services. Ajit Kumar said the Commissionerate had, in 2006-07, collected Rs 3.9 crore Central Excise against a target of Rs 2.9 crore. The Mangalore Refinery and Petrochemicals Limited contributed about 94 per cent of the total revenue collection in that year. Its contribution stood at Rs 3.7 crore in the last financial year.

The Government has fixed Rs 3.95 crore as Central Excise revenue target for 2007-08, he said.

Ajit Kumar said the Customs Commissionerate, Mangalore, had collected Rs 600.35 crore customs duty in 2006-07 against the target of Rs 590 crores. The Government had fixed a target of collecting Rs 840 crore Customs duty in 2007-08, he added.

K Kesavan and P Rangaswamy, Joint Commissioners, Central Excise, Mangalore, were present.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Publishing Management System PMS News Management System Publishing Management System Development Online News Management System for media company custom Publishing management system development Survey management system Market Res

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