Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: empanelment :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: due date for vat payment :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: cpt :: VAT Audit :: TDS :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd
 
 
News Headlines »
 Have you missed the due date of filing your Tax Returns?
 What you should know about income tax refunds
 Income tax scrutiny to remain limited despite surge in returns filed
 Regarding Filing of online return for first quarter of 2017-18 extension upto 01-09-2017
 Deadline to file returns extended to 28 August for biz with transitional
 GST input tax credit form
  How to rectify income tax returns
 Govt extends tax exemption for industry in North East, hilly states
 Should you file revised Income Tax returns; find out here
 Tax Deducted at Source (TDS) in Goods & Services Tax (GST)
 10 companies that blamed GST for soft June quarter

Service tax rate may be raised to 14%
January, 05th 2007
There is indication that the service tax rate may be increased from 12 per cent to possibly 14 per cent in the forthcoming Budget. Besides, 44 new items like lending services, sports and amusement parks are set to be brought under the service tax net. 
 
At present, the service tax rate stands at 12 per cent. Added to this is a 2 per cent education cess, bringing the incidence to 12.24 per cent. 
 
The move is a part of the compensation package agreed upon by the union and state governments for phasing out the Central Sales Tax (CST) levied on inter-state trade. This is being seen as a precursor to a hike in the service tax rate. 
 
CST is collected by the Centre and its proceeds transferred to state governments. The Union government collects and transfers 30.5 per cent of service tax proceeds to states. 
 
This (the CST phase-out) is an indication that the service tax rate might go up. Last year, the finance ministry had said it would not raise the service tax rates. This year, there has been no indication till now that the rates will not be raised, said Ashok Dhingra, partner and head of indirect tax, Khaitan & Co. 
 
Other services among the 44 new items that will attract service tax include health, hotel and lodging, electricity distribution, education, and artistic performances, including those by Bollywood stars. 
 
Meanwhile, the Central Board of Excise and Customs today said domestic telecom operators providing services to international in-bound roamers will have to pay service tax from January 15. A decision is yet to be taken for the period prior to this date. 
 
However, some segments, including industry chambers, which feel that the service tax rate will not be increased, want it to be reduced for select items of mass consumption. 
 
The move towards phase-out of CST is seen as part of a strategy to eliminate multiple taxes and move towards a common tax the proposed goods and service tax (GST). 
 
According to a tentative package agreed upon by the Centre and states, the tax collected on 77 services will be transferred fully to states.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

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