Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Service Tax »
Open DEMAT Account in 24 hrs
 Central Govt Extended Time Limit to File Refund Claim of Service Tax on Exported Goods: CESTAT allows Refund
 Filing Income Tax Return Early? Make Sure To File Correct Details
 ITR 3 What is ITR 3 Form & How to File ITR-3?
 ITR Filing 2024: How To Claim Tax Refund Online, Check Step-by-step Guide To Know Status
 Income tax return filing for FY23-24: Check details of Form 16 issue date, ITR forms
 How to maximize tax benefits for senior citizens in India
 Income tax return filing: ITR filing 2024 date is upon us, but should you rush to file?
 Income Tax Return AY 2024-25: ITR-1, ITR-2, ITR-4 Enabled for Online Filing; Check Details
 New Tax Regime: What Is It? How Can You Opt For It? Comparison With Old One
 6 Ways to Save Income Tax On New & Old Tax Regime for FY 2023-24
 Income Tax SFT return filing due date extension: Facility to remain open for a couple of days Latest news

Preparation of negative list for service tax likely to start soon
April, 08th 2011

The Finance Ministry expects to begin the compilation of the negative list for service tax soon.

Negative list is a list of items on which tax will not be charged as compared to a positive list which the government already has.

The government believes that service tax contribution to the overall tax kitty can be increased significantly if a negative list is prepared.

"Deliberations are expected to start soon on the negative list," Department of Revenue joint secretary V K Garg said here today on the sidelines of a workshop on service tax organised by the Bengal Chamber of Commerce and Industry .

The Finance Ministry may choose to get inputs and public opinion first and then prepare a discussion paper based on that. Garg, however, said, "I personally believe that getting a feedback on a consultation paper largely invites criticism and not suggestions and ideas."

The Union budget hopes to collect service tax to the tune of Rs 82,000 crore from 121 services in the financial year 2011-12.

In 2010-11, the government collected service tax in excess of Rs 70,000 crore more than the revised target of Rs 69,400 crore.

Asked if the negative list will be prepared in sync with the rollout of Goods and Services Tax, Garg said it is not known yet.

After missing the original deadline of April, 2010, for a GST rollout, the government had proposed to introduce it in April, 2011.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting