CA LALIT MUNOYAT 1) Any government of the day requires enormous funds for the development, maintenance and growth of the economy of the country and the main source of collecting these funds is levy of taxes. The taxation policy of the government is framed, molded and implemented is such a way that it yields optimum […]
Service tax was introduced by Finance Act 1994 and since then it has been mired with so much controversy/litigation that the Apex Court, in the case of MARUTI SUZUKI LTD. 2009 (240) E.L.T. 641 (S.C.), observed that on account of repeated amendment
egally corruption is defined as use of public power for private advantage in ways which transgresses some formal rule or law. It takes various forms like Bribe for work according to rule, Bribe to work against the rule, Trading in influence, Patronage, Nepotism, Cronyism, Electoral fraud, Embezzlement, Kickback, An unholy political alliance, Involvement in organized crime.
In 1922, the noted freedom fighter Mr. C. Rajgopalachari wrote in his prison diary that
I tried many variations to get it uploaded but nothing succeeded. I visited many web site to get a solution for this but instead of getting a solution I found many visitors were asking the facing the same problem and no answer was available. Eventua
Taxes are a major source of revenue for any country to fund the government expenditure and welfare of the society. In fact, they have been called the building block of civilization . In due course of time taxes started being levied on income, wealth ,sale of goods , provision of services etc. mainly to pay for increasingly more expensive defense efforts and for a modern welfare state. The emphasis is shifting progressively to voluntary compliance of tax laws.
Service tax on Banking and other financial services was imposed w.e.f.16-07-2001. After going through many changes, expansion in scope, clubbing of some services, modification to the definition of service providers etc. the present coverage of this service , with abatement, exemption, clarification etc.
The revised discussion paper on Direct Tax Code (DTC) proposes to introduce General Anti Avoidance Rules (GAAR ) to curb tax avoidance by disregarding any arrangement called ( Impermissible Avoidance Arrangement (IAA) ) entered or carried on in a manner
Maharashtra has become the first State in the country to provide through Internet the electronic services like acceptance of registration application, filing of return and payment of taxes, application of refund, acceptance of audit report and application for declarations under Central Sales Tax Act.
At present the entry 45 in Schedule-A provides NIL % of MVAT in respect of items covered under “The Additional Duties of Excise (Goods of Special Importance) Act, 1957. Fabric, being a tariff item is covered under Chapter 50 to Chapter 60 of the Central Excise Tariff Act and thus enjoys the exemption from MVAT from the whole of the VAT. The entry 45 reads as under:
