« Top Headlines » Open DEMAT Account in 24 hrs  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes  Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs «  PM for import tariff cut, re-look at tax exemptions... Do you get what you give?... » IAMAI seeks service tax waiver January, 08th 2007 The Internet and Mobile Association of India (IAMAI), a non-profit body of internet and mobile value-added services players, has asked the finance ministry for a five-year moratorium on payment of service tax.    In a pre-Budget memorandum to the ministry, the IAMAI has said the Internet is at a nascent stage in India and the imposition of service tax on Internet advertisements is hampering the growth of the industry.    It has also asked for a waiver of service tax on transactions done through credit cards, debits cards and net banking.    When inter-change rate is added to the new service tax rate, the cost of products and services sold online becomes significantly higher than those sold offline. This seriously harms the nascent e-commerce industry in our country, the IAMAI said.    The online transaction market is around Rs 3,000 crore, growing at 100 per cent year on year, according to the body.    The IAMAI has demanded that mobile value-added services companies be given exemption from service tax, since there is no revenue loss to exchequer, as on end-user price the government is being paid a service tax by the telecom operators who are billing the customers for such services.    Levying service tax on these players would amount to duplication of efforts, it added.    The body also asked the central government to direct all state governments not to impose entertainment tax on Internet and broadband services.    Internet users in the country are set to grow to 42 million by March next year and the number of mobile value-added service users is 15 per cent of the total mobile.    In the first half of 2006, the industry has seen an investment of $75 million from venture capital firms.