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Pranab caps service tax on air travel

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....

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Posted Under: Service Tax |

Low-cost housing (property up to Rs 20 lakh) segment would be exempted from service tax

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....

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Posted Under: Service Tax |

Service tax on air travel not to impact adversely: Finance Minister

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....

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Posted Under: Service Tax |

Finance Bill 2010-11: Construction Industry gets service tax concession

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....

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Posted Under: Service Tax |

Finance Bill 2010-11: Relaxation in Service Tax announced by Finance Minister

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...

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Posted Under: Service Tax |

Service tax notices to IPL sponsors DLF, Adidas and Religare

The income-tax department has served service tax notices on IPL sponsors DLF, Adidas and Religare. Sources said the tax demand on DLF, the title sponsor which is supposed to pay Rs 40 crore a year as sponsorship fee for five years, was Rs 4.8 crore for the league's first edition in 2008. Adidas and Religare sponsored teams....

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Posted Under: Service Tax |

Finance Act, 1994 need to be amended to clear the doubts about allowability of Input Tax credit to Software and BPO Companies

The Custom Excise & Service Tax Appellate Tribunal said in a recent ruling that the wording of the Act is such that exporters of services such as software and business process outsourcing companies cannot claim credit for taxes paid on inputs used by them. ...

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Posted Under: Service Tax |

Service tax notices to DLF, Religare, Adidas for IPL-I

In the midst of a tax probe into finances of IPL, authorities have issued notices to several sponsors of the first edition of the Twenty20 event, including DLF, Adidas and Religare for non-payment of service tax. The notices have asked as to why no service tax has been paid for the sponsorship deal for the first edition of IPL, held in 20...

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Posted Under: Service Tax |

Builders Association submitted its concern over imposition of service tax

The Confederation of Real Estate Developers' Associations of India (CREDAI) further questioned the issue of service tax being brought out at a time when the goods and service tax is expected to be introduced in 10-12 months and has submitted to the Ministry of Finance, a representation on the provisions of the Finance Bill, 2010....

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Posted Under: Service Tax |

ICAI asked for exclusion of land value from proposed service tax on the realty sector

Accounting regulator ICAI has called for excluding land value from the proposed service tax on the realty sector, saying land is a state subject. “When a prospective buyer makes an advance payment to the builder against booking of a specified unit in a building, that part also includes a price towards the land on which the building is b...

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Posted Under: Service Tax |