levy

The Supreme Court has dismissed the Centre's plea challenging the Bombay High Court ruling that restrained it from levying service tax from Indian National Shipowners Association for services received abroad between March 2002 and April 2006. The high court had held that services received by vessels and ships outside India prior to April 18, 2006, from persons who are not residents of India or are outside India cannot be taxed. Full Article

The Government should implement the GST regime with defined sharing arrangement between the State and the Centre, thereby protecting the interest of the State in generating revenue. How will carbon credits be taxed under the proposed Goods and Services Tax regime? Full Article

India Inc on Tuesday asked Finance Minister Pranab Mukherjee to introduce Goods and Services Tax "as early as possible", amid speculations that the indirect tax reform may not be implemented from the scheduled date of April 1. "We want that the GST deadline should not be missed," Ficci president Harsh Pati Singhania told reporters after a pre-budget meeting with Finance Minister Pranab Mukherjee along with other industrialists here on Tuesday. Full Article

On careful consideration of relevant facts, I am of the view that important fact stated by the assessee in his reply to penalty notice has not been considered in accordance with law. The revenue authority and the Tribunal in the quantum proceedings proceeded mainly on a presumption that the payment was made through account payee cheque, decided the issue against the assessee and the expenditure claimed was disallowed and added to the income of the assessee. In the penalt.. Full Article

For the purpose of Expenditure Tax Act, 1987 the convention center managed by a hotel is an extension of the hotel itself and therefore, rent collection from the convention center shall be eligible for the levy of expenditure tax. Full Article

These recommendations differ considerably from the model and structure of the GST envisaged by the Empowered Committee of State Finance Ministers (EC) as described in the First Discussion Paper released by the EC on 10 November, 2009. The differences relate to several critical areas such as the tax base, tax rates, threshold limits, taxation of inter-State supplies of goods and services, exemptions/ compounding schemes and taxation of alcohol, tobacco and petroleum produ.. Full Article

The foreign agents provide service to the exporters. However the services are provided outside India. They meet the prospective buyer outside India, they promote the products of the exporter outside India. For Service Tax to be leviable and payable, the services must be provided “in India”, except in the state of Jammu & Kashmir. Full Article

Charge under section 115JB is to be determined with reference to 7.5 per cent of book profits; the process of determination of book profit is to be preceded with the comparison of liability for income-tax under normal provisions of income-tax which may be nil also; the income-tax payable cannot be circumscribed by positive figure only and, therefore, to say that those companies where income-tax payable being Rs. 1/- would be covered and not the Zero tax companies, would .. Full Article