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: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: VAT Audit :: ACCOUNTING STANDARDS :: due date for vat payment :: TDS :: articles on VAT and GST in India :: list of goods taxed at 4% :: cpt
 
 
Service Tax »
  Central Goods and Services Tax (CGST) Rules, 2017
 Goods bought with loyalty points will face tax under GST
 substitution of Service Tax by Goods and Services Tax (GST)
 Income Tax: TDS deducted but ITR not filed? Here's what professionals need to do
 9 ways GST could impact home buyers
 Consumers hailed GST, but there's need for awareness'
 Tax departments keep a close watch on prices post GST rollout
 GST effect: 5 things that changed after the new tax regime
 GST is no game changer for farmers, yet
 GST: Government bets big on tech to ensure e-way bill does not bring back inspector raj
 Government to keep an eye on price rise & GST glitches

Can service tax be levied; SC admits plea
September, 23rd 2009

The Supreme Court has admitted a petition which has raised an important question: Is selling mutual fund products a taxable service?

The apex court headed by Justice S H Kapadia admitted an appeal filed by Commissioner of Service Tax stating that sale of mutual funds (MFs) amounted to service for the purpose of levy of service tax.

Earlier, the Court had sought reply from P N Vijay Financial Services Pvt Ltd, which was selling MF products for a commission, as to why it should be allowed to claim exemption on such services.

The service tax department had challenged the Customs, Excise and Service Tax Appellate Tribunal's judgment that dismissed its appeal, holding that the consultancy firm was not liable to pay any service tax.

The government alleged that exempting commissions on sale of goods under the heading BAS was not applicable to management consultants dealing in sale and purchase of MFs.

It said P N Vijay Financial Services, registered under the category management consultancy service with the tax authorities, had filed an application for refund of service tax under Section 11B of the Central Excise Act 1944, as made applicable to service tax by virtue of Section 83 of the Finance Act 1994.

The firm had filed refund claim for more than Rs 6.16 lakh on the ground that it had wrongly paid service tax on the commissions earned from sale and purchase of MFs from April 2003 to March 2004 as such services were covered under BAS as per the 1994 Act, the petition added.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

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