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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: form 3cd :: articles on VAT and GST in India :: VAT Audit :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: cpt :: VAT RATES :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company
 
 
Service Tax »
 GST now set for July 1 roll-out, dual control hurdle finally over
 Grant of Registration under DVAT and CST
 Do not raise service tax, says Chamber
 Excise, service taxpayers to migrate to GST portal by Jan 31
 Centre, state governments work on formula for 'GST on high seas'
 What is service tax?
 Tax to bring transparency, benefit companies operating in state, says Gujarat CM Vijay Rupani
 PAN a must for excise, service taxpayers for GST registration
  Service Tax for Internet Based Services in India from December 2016
 Way ahead for GST with certain provisions
 Goods And Services Tax (GST) Rollout Unlikely Before June-July

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