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Service Tax on Individual lawyers stayed by Delhi High Court

Delhi High Court today (Friday - 29.4.2011) stayed the Notification levying service tax on representational services rendered by individual lawyers to business entities, till further orders and fixed the next date of hearing on 23.5.2011, with directions to UOI to file counter in a fortnight. The stay was given in response to Writ Petiti...

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Service Tax on Renting of Commercial Immovable Property – Delhi High Court on 26.04.2011

When the Court assembled today, Ms. Sonia Sharma, representing UOI, rose to inform the Court that Mr. A.S. Chandiok, ASG, was indisposed (food poisoning). The matter thereupon was adjourned to 9th May. It was however, made clear by CJ Mr. Dipak Misra that no more adjournments would be granted. In case, any one else is unable to cause app...

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Preparation of negative list for service tax likely to start soon

The Finance Ministry expects to begin the compilation of the negative list for service tax soon. Negative list is a list of items on which tax will not be charged as compared to a positive list which the government already has. The government believes that service tax contribution to the overall tax kitty can be increased significantly i...

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Revised Service Tax on currency conversion would affect Indian exports

Industry chamber Assocham today said the government's decision to revise taxes on currency conversion would increase transaction cost and hit the country's exports. This charge, on the differential between RBI reference rate and the rate at which transaction is booked, will significantly increase transaction costs and decrease India's co...

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CA, CS, ICWA, Legal Professionals exempted from collecting service tax on accrual basis

Ministry of Finance has today issued the above Notification amending Point of taxation Rules, 2011. Rules 7 has been substituted by a new Rule whereby, point of taxation in respect specified service providers which includes Chartered Accountants (individuals or proprietary firms or partnership firms) will be the date on which payment is ...

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Service tax on forex transactions cannot exceed Rs 5,000 – Govt

The government has capped service tax on foreign exchange transactions at Rs 5,000, which is seen as a bid to pacify market players, who feared a significant drop in the country's forex volumes due to high levies on such transactions. As per a notification, tax for foreign exchange transactions will be calculated "at the rate of 0.1 per ...

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Service tax on rail freight deferred by 3 months – Fourth Such Defferment

Under pressure from Railway Minister Mamata Banerjee and concerned over rising inflation, the government has once again deferred a decision on levying service tax on transport of goods by rail to July 1. This is the fourth time that the government is postponing a decision on service tax on rail freight which was to be implemented from Apr...

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No service tax on cashless health insurance transactions – Sources

There will be no service tax on cashless health insurance transactions, reports CNBC-TV18 quoting sources from Central Board of Excise and Customs (CBEC). It is learnt that the changes will notified by the board soon. The Finance Minister Pranab Mukherjee in Budget 2011-12 had proposed levying 5% tax on all services provided by private ho...

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Service Tax on Healthcare Services may back with GST

The Lok Sabha passed the budget proposals minus the 5% service tax on healthcare and diagnostic services provided by high-end hospitals that was withdrawn following widespread criticism. Finance Minister Pranab Mukherjee , however, indicated the levy, dubbed as 'misery tax', may be back once the comprehensive goods & services tax is rolle...

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FM withdraws proposal for service tax on AC Hospitals and Diagonistic services

Bowing to demand from all quarters, Finance Minister Pranab Mukherjee today announced withdrawal of the proposed 5 per cent service tax on airconditioned hospitals with more than 25 beds and on diagonistic services....

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