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The Comptroller and Auditor General of India (CAG) has highlighted glaring lapses in the recovery of service tax being administered by the Union Government, while the number of cases and amount entailed in demands for service tax outstanding for adjudication/recovery keep escalating....

Prices of residential flats are likely to go up by 4% in a couple of months, notwithstanding the recent relaxation in the service tax. The latest Union Budget had imposed a 3% service tax on builders, while the state would impose VAT of 1% on a flat’s price....

The Institute of Chartered Accountants of India (ICAI), the accounting regulator, is looking to consult with the finance ministry to simplify the structure of service tax on construction activities and push three methods of calculating the tax....

Matter likely to be litigated, with officials agreeing the law was unclear in the earlier editions of the IPL. The Union finance ministry may have to battle it out in court with the sponsors of the Indian Premier League (IPL) cricket tournament to make them comply with its service tax payment demands....

Days after the Income Tax raid, service tax department sleuths of the West Bengal government Friday swooped down on the Eden Gardens to check papers relating to the alleged financial wrongdoings related to the Indian Premier League....

The airline industry can heave a sigh of relief with finance minister Pranab Mukherjee on Thursday capping the incidence of service tax on air travel at Rs 100 for domestic travel and Rs 500 for international travel....

Finance Minister Pranab Mukherjee’s decision to increase the tax concession on construction of real estate complexes from 67 per cent to 75 per cent of the gross value of property, including land value, has been welcomed by the industry and analysts....

Finance minister Pranab Mukherjee on Thursday said service tax on air travel will not have any adverse impact as it is not linked to fare and has been capped at Rs 100 for domestic travel and Rs 500 for international travel....

In a relief to realty sector and home buyers, Finance Miniser Pranab Mukherjee on Thusday announced tax concessions to the construction sector, which was brought under the ambit of service tax in this year's Budget....

The construction sector has requested for a review of the changes in the service tax law proposed in this year's Budget. Several suggestions have been made by the trade associations. Considering all the inputs, I propose to provide tax relief to this sector by enhancing their rate of abatement from 67% to 75% of the gross value where suc...