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Indirect Tax Service Tax 002004

  • Capital gains tax evasion under CBI scanner
    Jun 21, 2017
    The Central Bureau of Investigation (CBI) is probing if any government officials were involved in misusing stock exchange platforms to benefit from the long-term capital gains tax (LTCG) exemption.According to sources, CBI officials visited the headquarters of the Securities and Exchange Board of India (Sebi) in Mumbai to get relevant files pertaining to LTCG cases probed by the markets regulator.This comes at a time the income tax (I-T) department is probing the entities which had allegedly misused capital gains provisions to evade taxes worth Rs 34,000 crore.
  • I-T Lays Claim to Cairn Dividends as Part of Retro Tax Payment
    Jun 20, 2017
    The income tax department has demanded all dividends due to Cairn Energy Plc from Cairn India (renamed Vedanta Ltd) against part of the Rs 10,247-crore tax levied on the company in the wake of the controversial retrospective tax amendment. The company was required to pay the amount by June 15, failing which the department had said it would start recovery proceedings.Vedanta said late on Monday that money held in escrow for this purpose will be paid to the tax department.“Vedanta Ltd has advised the banks holding approximately Rs.666 crore in the dividend account to be transferred to the IT authorities,” the company said in its release. “It may be recalled that the dividends due to Cairn Energy Plc for the last three years were lying in an unpaid dividend account as initially they were subject to an attachment order under Section 281B by the tax department and were not available for use by Cairn (now Vedanta Ltd).”
  • Government extends service tax return filing date to April 30
    Apr 27, 2017
    Centre has extended the last date for filing service tax return by five days to April 30, in a relief to lakhs of service providers. “The CBEC hereby extends the date for submission of form ST-3 for the period from October 1 to March 31, 2017, from April 25 to April 30, 2017,” the apex policy makingCentre has extended the last date for filing service tax return by five days to April 30, in a relief to lakhs of service providers. “The CBEC hereby extends the date for submission of form ST-3 for the period from October 1 to March 31, 2017, from April 25 to April 30, 2017,” the apex policy making body of the indirect tax department said in an office order.
  • Mumbai zone service tax mop-up falls short of revised target
    Apr 17, 2017
    The Union Budget 2017 had set a target of Rs 76,300 crore from the Mumbai zone but this was revised upwards to Rs 83,000 crore in February. (Reuters)The service tax collection from the Mumbai zone has missed the revised target by a whisker at Rs 81,599 crore, which is a growth of 18.8 per cent from Rs 68,696 crore a year ago, a senior official has said. The Union Budget 2017 had set a target of Rs 76,300 crore from the Mumbai zone but this was revised upwards to Rs 83,000 crore in February. The Mumbai zone of the service tax department is responsible for over one-third of overall service tax collection from the entire country.
  • Ahead of Budget 2017, service tax blow for online travel players
    Jan 27, 2017
    Domestic hotel and tour aggregators such as OYO Rooms, EaseMyTrip and MakeMyTrip were expecting tax relief in the Budget to be presented on February 1. But the mood has turned sombre, with the finance ministry deciding to impose service tax on what they receive from customers and not just the commission earned from hotels and others. In a quiet move, the Central Board of Excise and Customs has amended the service tax rules to clarify this because there was ambiguity on the point.
  • Amended I-T law harsh, prone to misuse by taxmen: Experts
    Jan 23, 2017
    As the dust begins to settle on demonetization and the taxman hunts for unexplained money, there is a lurking concern among practitioners and senior levels of the tax office as to how harshly the new law would be used.Money borrowed from a friend, jewellery inherited from great grandmother, gifts, capital received by a small businessman, amount spent in daughter's wedding or in regular household expenditure can be questioned and taxed at a far higher rate if someone fails to offer a "satisfactory explanation" to the tax officer.
  • India to levy service tax on freight for imports on delivered basis
    Jan 20, 2017
    Overseas exporters chartering foreign vessels to supply goods to India will have to pay a service tax on freight from Sunday, a government notification said. It will be the same as the 4.5 percent service tax that India currently levies on free-on-board (FOB) cargoes, where the ship is chartered by a local buyer. Prior to the change, imports in foreign ships hired by the overseas seller - known as on a cost and freight (CFR) basis - have been exempt from this charge.
  • Service tax mop from Mumbai zone jumps 25.5 per cent till November
    Dec 27, 2016
    In spite of demonetisation, the Mumbai zone of the service tax department has not only exceeded the revenue collection as of November, but also has surpassed the target for the period. The revenue collection from the Mumbai zone rose 25.5 per cent or by Rs 10,362 crore to Rs 51,062 crore as of end November, according to the department sources.
  • Mumbai zone's Apr-Oct service tax mop-up exceeds target
    Nov 14, 2016
    Service tax collection from the Mumbai zone rose to Rs 45,821 crore in the April-October period of this fiscal, exceeding the target by more than Rs 5,000 crore. Revenue collection by the service tax department was up by Rs 9,801 crore or 27.3% compared to Rs 36,020 crore mopped up in the same period of the previous fiscal, the department's data showed.The zone has surpassed the target for the period by Rs 5,062 crore or 12.4%.
  • Yoga-promoting institutions out of service tax net
    Sep 28, 2016
    Yoga instructor Ramdev's trusts and similar other institutions engaged in promoting yoga are not required to pay the service tax for a period, starting from June 20, 2012 to October 20, 2015, provided they are registered as charitable entities. For period after October 20, 2015, Yoga-promoting institutions has come under the negative list which are exempt from the service tax. There was confusion whether service tax is applicable to yoga-promoting institutions or not before October 21, 2015. This was so because negative list of services issued witheffect from June 20, 2012 did not specifically mentions Yoga.
  • Service tax collection from Mumbai zone up 21.3 per cent till August
    Sep 14, 2016
    Service tax collection from Mumbai zone has surged by over 21 per cent in the first five months of the fiscal year over the year-ago period, surpassing target. Revenue collection from the Mumbai zone rose 21.3 per cent to Rs 29,003 crore as of August 31, or Rs 5,097 crore in absolute terms from collection of Rs 23,906 crore in the corresponding period last year, data from the service tax department showed.
  • No service tax on tubewell construction for government projects, says CBEC
    Aug 27, 2016
    Construction of tubewells for government projects is exempt from payment of service tax, the Central Board of Excise and Customs (CBEC) has said. The clarification comes after Rajasthan Chief Minister Vasundhara Raje had written to Finance Minister Arun Jaitley last month on the issue as many contractors who were working with the Public Health and Engineering Department in Jhunjhnu, Sikar and Bikaner for tubewell construction had been served service tax notices.
  • Service tax collection up in Mumbai
    Jul 18, 2016
    Service tax collection by the city zone department in the first quarter has increased by 23 per cent, which has helped it surpass the target by nearly 4 per cent for the period. Service tax mop-up from Mumbai zone rose 22.9 per cent to ?17,583 crore as of end June from ?14,307 crore a year ago, according to the data from the Service Tax Department. Moreover, the zone has exceeded the collection target by 3.6 per cent, up from ?16,969 crore. For the current fiscal, the Mumbai zone has been given a revenue collection target of ?76,300 crore. Last fiscal, the zone had collected a revenue of ?68,714 crore.
  • Krishi cess not applicable if invoice generated before May 31
    Jun 27, 2016
    In a bid to end confusion over retrospective applicability of new Krishi Kalyan Cess, the government has stated that the 0.5 per cent tax will not apply on services whose invoice had been issued on or before May 31. Finance Minister Arun Jaitley had in his Budget for 2016-17 fiscal introduced the 0.5 per cent Krishi Kalyan Cess on all taxable services. Proceeds of the cess are to be used for improvement of agriculture sector and farmer welfare.
  • Service Tax department may appeal against tax relief
    Jun 10, 2016
    Those buying under construction property may not have to pay service tax. The recently-announced Delhi High Court judgement has said that there is no provision to calculate the value of service in a deal between a builder and a buyer. While the judgment will definitely apply to buyers within the Delhi jurisdiction, it could also have an impact on property deals in other states.
  • Firms approaching arbitration tribunals to pay service tax: CBEC
    May 21, 2016
    Firms with a turnover of over ?10 lakh who go in for arbitration proceedings will be liable to pay service tax at the rate of 14 per cent. “The services provided or agreed to be provided by an arbitral tribunal to a business entity (turnover exceeding ?10 lakh)… is taxable under reverse charge mechanism and recipient of service is liable to discharge service tax liability,” said the Central Board of Excise and Customs in a new clarification after doubts arose over who would pay the service tax.
  • Service tax on lawyers: Supreme Court takes up plea to transfer petitions
    May 14, 2016
    The Supreme Court on Friday issued notice to various state bar associations, including Delhi High Court Bar Association (DHCBA) and senior advocate Kevin Gulati, asking why their petitions challenging the government’s notification imposing service tax on senior lawyers should not be transferred to it to avoid multiplicity of proceedings, as sought by the Centre.
  • Service tax returns filing date extended to April 29
    Apr 27, 2016
    The Centre has extended the due date for filing of service tax returns to April 29 from April 25 specified earlier. This follows certain difficulties faced by taxpayers in accessing the Automation of Central Excise and Service Tax (ACES) application on April 25. Monday was the last day for filing service tax return for the period October 2015 to March 2016.
  • Companies remitting pay overseas to parent may face FEMA scrutiny; matter referred to RBI
    Apr 21, 2016
    Multinationals that have challenged service tax levies on salaries paid overseas to expats employed in India may be faced with a more fearsome challenge — scrutiny under the Foreign Exchange Management Act (FEMA), which deals with forex violations.Remitting the salary of anyone employed in India by an entity in the country in foreign currency is not permitted under FEMA, said an official.
  • Delhi HC stays 14% service tax on senior advocates
    Apr 02, 2016
    The Delhi High Court on Friday stayed the government's decision to impose a 14% service tax on senior lawyers, who are so designated by either the high courts or the Supreme Court because of their stature or knowledge of law. The union budget had withdrawn the service tax exemption given to services offered by these senior advocates to an advocate or partnership firm of advocates providing legal service; and people represented on arbitral tribunals.
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