service tax exemption news

No proposal to levy 5% service tax on healthcare services

Central Government has clarified that there is NO proposal in the Union Budget 2017-18 to levy 5% Service Tax on Healthcare Services, as reported in certain Social Media circles....

Read More
Posted Under: Service Tax |

CAG Report on wrong Availment of Service Tax Exemptions

Availment of Exemptions Under section 93 of Finance Act, 1994, the Government is empowered to exempt generally or subject to such conditions as may be specified in the notification, taxable service of any specified description from the whole or any part of the service tax leviable thereon. During the course of this performance audit we [&...

Read More
Posted Under: Service Tax |

Railway Minister demands extension for waiver of service tax on railway freight

Railway Minister Mamata Banerjee has sought an extension for the waiver on service tax on railway freight. Finance Minister Pranab Mukherjee had earlier given a tax holiday to the Railways till December 31. Banerjee now wants the tax relief extended ...

Read More
Posted Under: Service Tax |

Labour Ministry requests to keep ESI, EPF schemes out of service tax ambit

The Labour and Employment Ministry has requested the Finance Ministry to keep Employees’ State Insurance (ESI) and Employees’ Provident Fund (EPF) schemes out of the ambit of service tax as they are social security schemes. “If the provisions of ser...

Read More
Posted Under: Service Tax |

No service tax on payments received before 01.07.2010 for which services was delivered on or after 1st July

Post the finance ministry's move to include eight new services such as domestic air travel and health under the ambit of service tax from 1 July, the revenue department has clarified that payments made before that date for services yet to be delivered would be exempted from the tax....

Read More
Posted Under: Service Tax |

Govt exempts slew of services from service tax

Starting next month, there will be no service tax on construction of some low-cost housing, power distribution, foreign travelers in transit, those flying to and from the Northeast, services within ports and airports, and certain tournaments and championships....

Read More
Posted Under: Service Tax |

Life insurers demanded EEE method instead of EET in DTC, allow to carry forward loss for 12 years and service tax exemption

Life insurance companies want the current system of tax exemption for insurance maturity proceeds to be continued. The proposed Direct Taxes Code has suggested deduction of tax on the final payout, while exempting the policy premium at the time of contribution and the interest on it....

Read More
Posted Under: Service Tax |

Life insurance companies want withdrawal of service tax on fund management charges

The life insurance industry wants service tax on fund management charges to be withdrawn, as is the case with mutual funds. The Life Insurance Council-the representative body of life insurers-will shortly make a presentation to the finance ministry urging the introduction of a uniform taxation platform for the life insurance sector....

Read More
Posted Under: Service Tax |

SC admitted petition on applicability of service tax on selling of mutual fund products

The Supreme Court has admitted a petition which has raised an important question: Is selling mutual fund products a taxable service?  The apex court headed by Justice S H Kapadia admitted an appeal filed by Commissioner of Service Tax stating that sale of mutual funds (MFs) amounted to service for the purpose of levy of […]...

Read More
Posted Under: Service Tax |

Service tax exemption to five more export promotion councils

The Finance Ministry has extended service tax exemption to five more export promotion councils (EPCs). With this move, the total number of EPCs that could avail themselves of service tax exemption has gone up to 27 across the country. Budget 2009-10 had provided exemption on the service tax leviable under “club or association services...

Read More
Posted Under: Service Tax |

Browse All Categories

CA, CS, CMA (6,059)
Company Law (8,328)
Corporate Law (10,049)
Custom Duty (9,231)
DGFT (4,796)
Excise Duty (4,718)
Fema / RBI (5,186)
Finance (5,583)
Income Tax (41,369)
SEBI (4,472)
Service Tax (3,965)

Search Posts by Date

June 2022
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
27282930