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Food served in hotel rooms from their air conditioned restaurants with liquor licences will not attract service tax, the revenue department today said. When the food is served in the room, service tax cannot be charged under the restaurant service as the service is not provided in the premises of the air-conditioned restaurant with a licence to serve liquor, a Central Board of Excise and Customs (CBEC) circular said.
MOU between ICWAI and CBEC entered into on 13th April 2010 to facilitate Cost Accountants to set up Certified Facilitation Centres (CFC) under the Automation of Central Excise and Services Tax (ACES) Scheme of CBEC has been extended with effect from 1st April 2011 for a period of two years and shall remain valid till 31st March 2013 unless the Scheme is withdrawn by CBEC.
The Minister appreciated the Revenue Department for exceeding even the revised targets of direct and indirect tax collections for fiscal year 2010-11. The Budget estimates for 2010-11 for direct and indirect taxes were Rs.7,45,000 crore which were revised to Rs.7,80,000 crore and actual collection at the end of financial year was Rs.7,92,000 crore, said the Finance Minister. The project is expected to be completed in next 24 to 30 months time, the Minister added.
Addressing concerns of garment manufacturers, the Central Board of Customs and Excise today said effective rate of excise on branded apparel is only 4.50 per cent and small manufacturers are exempted from the levy. “Manufacturers having a turnover of Rs four crore are eligible for SSI (small scale industry) exemption from central excise duty for clearance up to Rs 1.5 crore, “the CBEC said in a public notice.
Central Board of Excise and Customs (CBEC) has denied that that any calls were received by the Custom Officials at Mumbai Airport from the office of any Minister. The decision was taken entirely as per Customs Rules and Regulations. The investigations are still in progress and other investigative agencies have been addressed with details.
In one of the International economic forum held recently at Singapore, it was opined by some experts that Indian Economy may still be trailing China’s now but it can catch up if the country opens up its financial sector more. They said the problem could be due to the lack of foreign capital inflows. Experts explained this is because a few large businesses and conglomerates control a large part of the Indian economy and are unwilling to partner with foreign companies. India has the technology, the entrepreneurship and the brands. These are the potential assets that experts believe can lead to strong GDP growth in India.
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 hospitals having at least 25 beds with central air-conditioning facility and also on all diagnostic tests.
Please refer to D.O.F. No. 275/68/91-CX.8A (Pt.), dated 17.-1.1992 addressed by the Member (Central Excise) to all Principal Collectors, and to all Collectors of Customs and Central Excise vide which a copy of Cabinet Secretariat’s O.M. No. 53/3/6/91-Cab. dated 31.12.1991 was circulated pertaining to constitution of a committee to give clearance to the disputes between the Government Department and another and one Government Department and a Public Sector Enterprises and Public Enterprises themselves before these are agitated in a Court/ Tribunal. Reference is also invited to subsequent O.Ms issued by the Cabinet Secretariat and the Circulars/ Instructions issued by the Board from time to time on this issue.
Asserting that the new healthcare levy is not new and will not hurt the common man, the Central Board of Excise and Customs (CBEC) today said the idea was mooted because insurance companies’ tactics resulted in lower collection. Finance Minister Pranab Mukherjee in Budget 2011-12 proposed levying 5 per cent tax on all services provided by private hospitals having at least 25 beds with central air-conditioning facility and also on all diagnostic tests.
The government today said the proposal to impose service tax on healthcare will not hurt the common man as only services provided by the centrally AC hospitals with more than 25 beds would attract the new levy.