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Services provided by sub-contractors/consultants and other service providers are classifiable as per section 65A

  07 May 2011   0 comment
Circular No. 138/07/2011 - Service Tax (06/05/2011)  
CIRCULAR NO. 138/07/2011 The Works Contract service (WCS) in respect of construction of Dams, Tunnels, Road, Bridges etc. is presently exempt from service tax. WCS providers engage sub­contractors who provide services such as Architect‟s Service, Consulting Engineer‟s Service, Construction of Complex Service, Design Services, Erectio...

Finance Ministry Initiates Public Debate on Negative list for Taxation of Services

  07 May 2011   0 comment
Ministry of Finance has initiated a public debate on the issue of a negative list for taxation of services as announced by the Finance Minister, Shri Pranab Mukherjee in his Budget 2011. The text of the speech is as below-Many experts have argued that it will be desirable to tax services based on a small negative list, so that many untapp...
Posted Under: Service Tax |

Guwahati High Court stays notification levying service tax on lawyers

  30 Apr 2011   0 comment
The Bar Association of Gauhati has filed a Writ Petition in the Gauhati High Court to challenge the levy of service-tax on “Legal Consultancy Services”. The High Court has on 29th April 2011 said the matter requires in-depth scrutiny and directed that service-tax would not be recovered till the next date of hearing being 25th May 2011...
Posted Under: Service Tax |

Service Tax on Individual lawyers stayed by Delhi High Court

  29 Apr 2011   0 comment
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...
Posted Under: Service Tax |

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

  27 Apr 2011   0 comment
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...
Posted Under: Service Tax | ,

Preparation of negative list for service tax likely to start soon

  08 Apr 2011   0 comment
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...
Posted Under: Service Tax |

Revised Service Tax on currency conversion would affect Indian exports

  03 Apr 2011   0 comment
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...
Posted Under: Service Tax |

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

  02 Apr 2011   0 comment
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 ...
Posted Under: Service Tax |

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

  01 Apr 2011   0 comment
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 ...
Posted Under: Service Tax |

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

  30 Mar 2011   0 comment
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...
Posted Under: Service Tax |

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