« Top Headlines » Open DEMAT Account in 24 hrs  New Income Tax Act: ITR forms to be issued prior to FY28, says govt  GSTR-9C Explained: Turnover Limit, Due Date, Statement Format & How to Prepare It in Tally Prime (2025 Update)  Will Income Tax Department release new ITR forms by January 2026? Finance Ministry says this  The Government of India has strengthened MSME protection through strict payment rules, ensuring that Micro & Small Enterprises receive timely payments from buyers. Under the MSME Development Act (MSMED Act), 2006, buyers must make payments within:  ITR Refund Delays in India: Why They Happen & How to FastTrack Your Refund in 2025  ITR Refund Delay: From Bank Errors To Department Checks, 5 Big Reasons Your Refund Gets Stuck  Income Tax Slabs 2025: New Vs Old Regime; Which One Is Better For You For FY2025-26?  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups «  New body to look into gems and jewellery tax structure... Land details impeding SEZ notification process... » Notice to firms for claiming service tax abatement July, 12th 2006 There appears to be lack of clarity regarding availability of 75 per cent abatement under service tax for categories like coroporates, cooperative societies and partnership firms, which are not goods transport agencies.    Sources said the service tax departments in Thane, Mumbai and Kolkata had begun issuing show-cause notices to companies on the grounds that they had underpaid the service tax under the category of goods transport service by wrongfully claiming abatement.    Under the present norms, service tax under the category transport of goods by road has been imposed on the goods transport agency and the service recipients (consignor or consignee) of seven specified categories including a factory registered under the Factories Act, companies, societies, cooperative societies, excise dealers and partnership firms.    The confusion has arisen because the revenue department had on January 1, 2005 provided an abatement of 75 per cent of the gross amount charged to a customer by a goods transport agency.    An abatement of 75 per cent means that the service tax can be levied only on the 25 per cent of the gross amount charged for providing this taxable service.    The service tax directorate later on March 30, 2005 notified that the abatement benefit would not be available to the seven categories of persons who are liable to pay service tax ie consignor or consignee. This notification was, however, withdrawn in April, 2005.    When contacted, service tax expert JK Mittal said the action of the department prima facie appeared to be overreaching as the law provided abatements, and did not prevent a person liable to pay service tax for availing abatement, subject to fulfillment of conditions under the law.