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: ACCOUNTING STANDARD :: due date for vat payment :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: TDS :: ACCOUNTING STANDARDS :: VAT RATES :: list of goods taxed at 4%
 
 
« General »
 Supreme Court agrees to hear plea on imposition of service tax on lawyers
 India's tax department signs 3 advance pricing agreements
 Income Tax Dept to probe deeper into suspicious bank accounts
 Modi may lower taxes to spur demand in his budget sops
 Tax breather for foreign investors: All you need to know
 What the increase in tax collections does not tell us about Indian economy post demonetisation
 India’s crazy retrospective tax on foreign funds will tarnish country’s reputation
 How tax related, PAN grievances can be resolved through E-Nivaran
 Tackling income tax exemptions for equities and agriculture
 Amfi wants tax benefits for retirement plans
 Top five factors which could chart market direction in the coming week

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