indirect tax

GST, Dual GST – Meaning, Provisions & Applicabilty

Service Tax - Meaning:- The Goods and Services Tax (GST) is a comprehensive value added tax (VAT) on the supply of goods or services. France was the first country to introduce this value added tax system in 1954 devised by a public servant. In India, due to non consensus between central and state government, the proposal is to […]...

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ICAI Invitation to send Issues and Suggestions related to Indirect Taxes

Service Tax - Laws and rules relating to Indirect Taxes have been evolving on account of development in business models, economic growth of the country, global developments, and technological advances and also with reforms in this field of taxation especially, in the area of service tax....

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Expectations from Budget 2010-2011

Service Tax - On February 26’ 2010, the Finance Minister Mr. Pranab Mukherjee will present the Union Budget in the Parliament. Everyone is awaiting the announcement of Budget to see that their interest has been taken care of. There is a lot of speculation about the Budget as everyone has expectations from the same. In this Article we are discussing t...

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Simple understanding of GST

Service Tax - Q.1 What does GST seeks to achieve? Ans. GST is a major indirect tax reform in India which takes VAT to its logical conclusion. GST would avoid burden of multiple taxation (tax on tax) with a cascading effect. GST seeks to rule out cascading tax effect. Once it introduced, CST will also be removed....

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Transfer Pricing Management fees : Are you following the best practices? Part I

Service Tax - One of the most widely contested issues by Indian tax authorities during a transfer pricing audit is the amount paid for intra-group services to group companies often referred to as management or intra-group fees/charges. In fact, compensation for intra-group services has been one of the important transfer pricing challenges globally for ...

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GST will bring about a Paradigm Shift in the Arena of Indirect Taxation in the Country -FM

Service Tax - The Union Finance Minister Shri Pranab Mukherjee said that with the introduction of Goods and Services Tax (GST), we are now perhaps at the door-step of the most significant reform in the history of indirect taxes in the country. He said that GST is expected to be a more efficient system of taxation and is likely to give a boost to the ta...

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Indirect tax collection up by over 16 % to 2.85 lakh cr in April-December

Service Tax - Indirect tax collections have increased by over 16 per cent to 2,85,787 crore rupees during April-December in the country. This is mainly driven by an uptick in service tax collection. Total collection of indirect tax in Customs, Central Excise and Service Tax was 2,46,168 crore rupees in the same period last year. ...

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Suggestions from Industry and Trade Associations for Budget 2012-13 regarding changes in direct /indirect taxes

Service Tax - In the context of formulating the proposals for the Union Budget of 2012-13, the Ministry of Finance would like to be benefited by the suggestions and views of your Association. You may like to send your suggestions for changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes giving economic justi...

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Tax arrear increases to Rs. 3.90 lakh crore in financial Year 2010-11

Service Tax - Both direct and indirect tax arrears increased by about 33% to Rs 3.9 lakh crore in 2010-11. Minister of State for Finance SS Palanimanickam, while replying to different questions in Rajya Sabha, informed that direct tax arrears worth Rs 3,33,077 crore were not realised, while it was Rs 56,889.62 crores in the case of indirect taxes....

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Extra efforts would be required to achieve tax targets – FM

Service Tax - Amid fears of moderation in growth, Finance Minister Pranab Mukherjee today said sustained efforts would be needed to achieve indirect tax collection target of Rs 3.92 lakh crore, about 15% more than the last fiscal. The Minister, while addressing the annual conference of chief commissioners and directors general of CBEC here, also called...

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Expenses incurred towards training cannot be termed as fee for technical services

Lloyds Register Industrial Services (India) Pvt. Ltd. Vs ACIT (ITAT Mumbai) - We have considered the rival submissions carefully in the light of the relevant material on record as well as the decision cited by the parties. After careful perusal of various authorities relied on either side would show that they are quite distinguishable because none of the case law deals with t...

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Suggestions from Industry and Trade Associations for Budget 2012-13 regarding changes in direct /indirect taxes

F.No.334/9/2011-TRU - (02/11/2011) - In the context of formulating the proposals for the Union Budget of 2012-13, the Ministry of Finance would like to be benefited by the suggestions and views of your Association. You may like to send your suggestions for changes in the duty structure, rates and broadening of tax base on both direct ...

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Circular on Applicability of indirect taxes on import of packaged software

F.No.354/189/2009-TRU - (04/11/2009) - F.No.354/189/2009-TRU Customs duty on packaged software - As basic customs duty is Nil for packaged software, the additional duty of customs („CVD?) levied in lieu of the Central Excise duty payable on like goods manufactured in India (including education cess and secondary and higher education ce...

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Recent Posts in "indirect tax"

GST, Dual GST – Meaning, Provisions & Applicabilty

Meaning:- The Goods and Services Tax (GST) is a comprehensive value added tax (VAT) on the supply of goods or services. France was the first country to introduce this value added tax system in 1954 devised by a public servant. In India, due to non consensus between central and state government, the proposal is to […]...

Read More

GST will bring about a Paradigm Shift in the Arena of Indirect Taxation in the Country -FM

The Union Finance Minister Shri Pranab Mukherjee said that with the introduction of Goods and Services Tax (GST), we are now perhaps at the door-step of the most significant reform in the history of indirect taxes in the country. He said that GST is expected to be a more efficient system of taxation and is likely to give a boost to the ta...

Read More
Posted Under: Service Tax |

Indirect tax collection up by over 16 % to 2.85 lakh cr in April-December

Indirect tax collections have increased by over 16 per cent to 2,85,787 crore rupees during April-December in the country. This is mainly driven by an uptick in service tax collection. Total collection of indirect tax in Customs, Central Excise and Service Tax was 2,46,168 crore rupees in the same period last year. ...

Read More
Posted Under: Service Tax |

Suggestions from Industry and Trade Associations for Budget 2012-13 regarding changes in direct /indirect taxes

F.No.334/9/2011-TRU (02/11/2011)

In the context of formulating the proposals for the Union Budget of 2012-13, the Ministry of Finance would like to be benefited by the suggestions and views of your Association. You may like to send your suggestions for changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes giving economic justi...

Read More

Tax arrear increases to Rs. 3.90 lakh crore in financial Year 2010-11

Both direct and indirect tax arrears increased by about 33% to Rs 3.9 lakh crore in 2010-11. Minister of State for Finance SS Palanimanickam, while replying to different questions in Rajya Sabha, informed that direct tax arrears worth Rs 3,33,077 crore were not realised, while it was Rs 56,889.62 crores in the case of indirect taxes....

Read More
Posted Under: Service Tax |

Extra efforts would be required to achieve tax targets – FM

Amid fears of moderation in growth, Finance Minister Pranab Mukherjee today said sustained efforts would be needed to achieve indirect tax collection target of Rs 3.92 lakh crore, about 15% more than the last fiscal. The Minister, while addressing the annual conference of chief commissioners and directors general of CBEC here, also called...

Read More
Posted Under: Service Tax |

Government exceeds indirect tax collection estimate

The government today said indirect tax collections for FY2010-11 have exceeded the revised estimate of Rs 3.34 lakh crore for the fiscal on the back of strong economic activities and the partial withdrawal of fiscal stimulus measures. According to Central Board of Excise and Customs (CBEC) Chairman S Dutt Majumder, the Finance Ministry ex...

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Posted Under: Service Tax |

Cabinet okays proposal to exempt ICC Cricket World Cup from income tax

The Union cabinet on Thursday exempted ICC Cricket World Cup 2011 from income tax in view of the income coming in the country thanks to the tournament and earned by subsidiaries of ICC. The exemption will be available only where the contractual obligation to bear the income-tax liability is on these entities. The financial implication of ...

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Posted Under: Service Tax |

India's tax collection jumps 26 pc till March 12

India's tax revenue for 2010-11 has shown healthy growth till March 12 this year, which jumped around 26 per cent over the corresponding period and the government was expecting to end the year with similar growth in mop up. The total tax collection till March 12 of the current fiscal has shown a growth of around 26 per cent over 2009-10 a...

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Posted Under: Service Tax |

FM releases compendium of unique practices on indirect taxes

The compendium 'Innovations: The Pursuit of Excellence in Customs, Central Excise & Service Tax' consolidates localised practices to facilitate their replication and adoption in various offices across the country for enhance efficiency and effectiveness of the tax administration, the government said in a statement. ...

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Posted Under: Service Tax |
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