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 :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: 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 :: VAT Audit :: cpt :: form 3cd :: VAT RATES :: TDS :: list of goods taxed at 4%
 
 
« Service Tax »
 Indian GST is significantly unique, but is it better?
 GST example of national integration
 6 reasons you need not fear the GST regime
 Tax return filing extension on GST may not be enough
 GST: ‘Tech readiness, tax administration key challenges’
 GST return filing rules relaxed for Jul-Aug, July 1 rollout
 GST Council gives return filing breather to India Inc for 2 months
 All eyes on 18 June as GST Council meets to iron out niggling issues
 GST Council's June18 meet to finalise e-way bill, anti-profiteering rules
 Valuation of Tax liabilities Under GST Regime
 Govt to go soft on GST monitoring for a few months, let traders settle down

IRB Infra shares fall after service tax demand of Rs. 60 cr
September, 11th 2012

Shares in IRB Infrastructure traded lower Tuesday after the company said the income tax department has slapped a service tax demand of Rs. 60.46 crore.

"The demand is on account of service tax payable on toll collected by some of our subsidiaries viz. Ideal Road Builders Pvt. Ltd, IDAA Infrastructure Pvt. Ltd, and ATR Infrastructure Pvt. Ltd., for FY06-07 to FY10-11," the statement said.

At 11.50 a.m., the stock traded 2 per cent lower at Rs. 122.25 on the BSE.

The company further said that the I.T. department may extend this logic to other SPVs (special purpose vehicles) and may pass similar orders for other SPVs. In such case, the total demand on account of service tax payable, for those subsidiaries of IRB, 111 aggregate, may come to approx. Rs. 230 crore for FY06-07 to FY10-11.    

The company said it will file an appeal as no service tax is levied on toll paid by users, so the demand for service tax is erroneous.

In the worst case scenario, the National Highway Authority of India will have to reimburse the company for any cost over-runs arising due to change in taxes or change in interpretation of any law, IRB Infra said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

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