Latest Expert Exchange Queries

Make 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) | 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: due date for vat payment :: form 3cd :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: VAT Audit :: VAT RATES :: articles on VAT and GST in India :: empanelment :: list of goods taxed at 4% :: TDS :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS
 
 
General »
 Non-performance: I-T dept transfers 245 commissioners
 Income Tax efiling: Tax implications resulting from clubbing of income
 Guidelines for selection of cases for scrutiny during the financial-year 2017-2018-regd
  GST: How companies are gaming the system
 Goods And Services Tax transparency: Elimination of added taxes to boost investment in realty
 In a first, Income Tax department to charge govt official under new benami law
 Income Tax Return Filing: 10 common mistakes people make while filing return of income
 Income Tax efiling: A few essential facts for senior citizens to keep in mind
 Pre-GST discounts get Maharashtra 16% more sales tax in three months
 Here’s how self-employed should efile their taxes
 Advance tax given by individuals in June quarter rises more than 40%

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 2017 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