Specified type of education are covered in negative list while certain other types of education services are covered for exemption under mega exemption Notification No. 25/2012-ST dated 20.06.2012. Both these provisions operate on a different footing on a strict legal interpretation.
While there are over 17 lakh registered Service Tax assessees in India, only about 7 lakh people file their Service Tax returns. By all means, it is a very disappointing number. Thus, only 40 percent of the registered assessees file their returns (and pay tax).
According to one estimate, Indian households alone holds gold wroth over Rs. 70 lakh crores. The fundamental reason for buying gold and jewellery is deep rooted in Indian culture itself, besides being considered auspicious for weddings etc. Besides, Indian peasants are also gold obsessed to a large extent.
April 1, 2013 has brought a new levy of tax in the form of service tax on all restaurants who serve food and beverages to customers in their restaurants.
This year’s budget has brought in certain proposals which could impact your decision to buy (or sell) a property in the new financial year – both in direct taxes and indirect taxes.
Very soon, Service Tax, which is considered to be a relatively young baby in the tax universe, will make the assessees scared of penalties and prosecution. The Budget which has been passed by both the houses of the Parliament now will soon become enactment and all provisions shall become operational.
About the Book New Law of Service Tax in India, March 2013 Dr. Sanjiv Agarwal, FCA, FCS In the Finance Bill, 2013, not much of changes have been proposed. The revised budget estimates for the financial year 2012-13 is Rs. 1,32,697 crore (Rs. 1,24,000 crore BE). However, for the 2013-14 fiscal, Service Tax revenue has […]
Dr. Sanjiv Agarwal The Union Budget 2013-14 presented by Finance Minister, P. Chidambaram, his 8th one, could be termed as a balanced, focused and a reasonable one from the point of view of economy and all the stakeholders. Though it may be missing the much needed ignition or spark to put the markets on fire, […]
This week is important from the economic view point as the Government would unfold its economic performance and agenda in the form of economic survey, railway budget and Union Budget for next fiscal- something for which the entire nation and investors all over the world excitedly wait for.
On Goods and Service Tax (GST) front, there is a news to cheer about. The Empowered Committee of State Finance Ministers which met for two days on 28-29 January, 2012 cleared the major hurdles in introduction of GST.
