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: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: due date for vat payment :: articles on VAT and GST in India :: VAT RATES :: TDS :: ACCOUNTING STANDARD :: VAT Audit :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
General »
 Finance Ministry likely to tweak Minimum Alternate Tax norms to boost industry
 Income tax department warns people to keep away from benami transactions
 New helpline for income tax e-filing
 The Central Government notifies the Companies (Amendment) Act, 2017
 GST Returns: Government Relaxes Rectification Norms
 Will govt bring change in income tax slab? here's the present structure
 No income tax exemption to cooperative banks
 Bitcoin investors may have to pay capital gains tax
 What industry expected when Modi government implemented GST
  The Finance Resolution And Deposit Insurance Bill, 2017
 Government sets aside Rs 10,000-cr tax demand on tech companies

ONGC refuses to reimburse service tax
August, 15th 2008

Oil explorers like Oil and Natural Gas Corp(ONGC) have refused to reimburse service tax on offshore vessels they hire, giving foreign flag vessel owners an edge over Indian shipowners.    
Shipping Secretary A P V N Sarma has sought intervention of his counterpart in Petroleum Ministry for "suitable directives to E&P operators for reimbursement of service tax."    

"E&P operators like ONGC who have charter hired Offshore Supply Vessels (OSVs) have declined to reimburse the Service Tax on the basis of their own interpretation (of rules)," he wrote to Petroleum Secretary last month.    

The vessel owners are to pay service tax to government irrespective of the position taken by oil firms.    

"Indian OSVs owners are unable to participate in any tender of E&P operators because they have to factor the Service Tax component too in their quote with the result the rate quoted by Indian owners are bound to be on higher side as compared to foreign vessel owners who do not have to pay service tax at all," he wrote.    

Finance Ministry had this year included shipping industry under the ambit of the Service Tax.     
Under the new directive, any services provided for the supply of tangible goods, that includes machinery equipment and appliances for use and does not transfer right of possession and effective control, is liable to service tax. OSVs, as per Finance Ministry, fall under this category.    

E&P (exploration and production) firms like ONGC that hire OSVs, refuse to shell out service tax on use of the vessels.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Web Application Development Web based Software Solution Web Application Deployment Web Application Solutions Web Application Software Development Web Application Deployment Web Application Programming Web Application Design and Development

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