GST: Service tax likely to be hiked to 18 percent this budget New Delhi: Most services are likely to attract a tax of 18 percent under the Goods and Services Tax (GST) as Union Finance Minister Arun Jaitley presents the Union Budget on February 1. It will be interesting to witness whether the Centre raises the service tax rate from the existing 15 percent by at least one … [Read more...] about GST: Service tax likely to be hiked to 18 percent this budget
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Service Tax
Filling up of posts of Senior Private Secretary in the Customs, Central Excise & Service Tax, Settlement Commission, Additional Bench, Chennai on deputation basis
Filling up of posts of Senior Private Secretary in the Customs, Central Excise & Service Tax, Settlement Commission, Additional Bench, Chennai on deputation basis No.25/7/2016-CS-II(A) Government of India Ministry of Personnet Public Grievances and Pensions Department of Personnel & Training 3rd Floor, Lok Nayak Bhawan, New Delhi - 110 003. Dated the 8th … [Read more...] about Filling up of posts of Senior Private Secretary in the Customs, Central Excise & Service Tax, Settlement Commission, Additional Bench, Chennai on deputation basis
FinMin warns tax officials of action against GST protest
FinMin warns tax officials of action against GST protest New Delhi: In the run-up to GST rollout, the finance ministry has warned tax officials of disciplinary action if they go ahead with planned protests, including taking mass casual leave, on the budget day. The All India Association of Central Excise Gazetted Executive Officers is opposed to any assessee of … [Read more...] about FinMin warns tax officials of action against GST protest
Changes in National Pension System (NPS)
Changes in National Pension System (NPS) The Government has proposed the following in the Finance Bill, 2016 with regard to the National Pension System (NPS): i. Allowing 40 per cent of the NPS corpus tax exempt on lump sum withdrawal. ii. Waiving service tax on the NPS corpus utilized for purchase of annuity. iii. The amount receivable by the nominee in case of death … [Read more...] about Changes in National Pension System (NPS)
Measures for moving towards a pensioned society
Measures for moving towards a pensioned society While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that pension schemes offer financial protection to senior citizens. He proposed to make withdrawal up to 40% of the corpus at the time of retirement tax exempt in the case of National Pension Scheme(NPS). In case of … [Read more...] about Measures for moving towards a pensioned society
Government may hike service tax to 16%: Budget 2016
Government may hike service tax to 16%: Budget 2016 To shore up its revenues in order to spend more, the government may increase service tax to 16 percent from the current 14 percent, a move that would make many services costlier, according to a report by business news channel CNBC-TV18. “In addition to the Swachh Bharat Cess of 0.5 percent already levied, sources say … [Read more...] about Government may hike service tax to 16%: Budget 2016
Government Sets 5-Day Timeline for 80% Service Tax Refund
New Delhi: Seeking to fast-track service tax refund to exporters, the Central Board of Excise and Customs (CBEC) on Tuesday fixed a timeline for 80 per cent payment of the total amount claimed. "On the receipt of the document... in respect of the pending case, the jurisdictional deputy/assistant commissioner... will make a provisional payment of 80 per cent of the amount … [Read more...] about Government Sets 5-Day Timeline for 80% Service Tax Refund
Service Charges Collected by Restaurants/Hotels/Eateries Retained by the Restaurants/Hotels/Eateries and are Not ‘Service Tax’ Imposed by the Government
Service Charges Collected by Restaurants/Hotels/Eateries Retained by the Restaurants/Hotels/Eateries and are Not ‘Service Tax’ Imposed by the Government Ministry of Finance Press Information Bureau Government of India 14-July, 2015 Some restaurants/hotels/eateries besides charging for the food and beverages are also charging ‘service charges’ in their bills. The proceeds … [Read more...] about Service Charges Collected by Restaurants/Hotels/Eateries Retained by the Restaurants/Hotels/Eateries and are Not ‘Service Tax’ Imposed by the Government
Finance Ministry reduces penalty for customs duty fraud by 10%
Fin Min reduces penalty for customs duty fraud by 10% New Delhi: The penalty in cases of customs duty fraud has been reduced by 10 per cent by the Finance Ministry. Section 28 of the Customs Act, 1962, has been amended and now the amount of penalty payable in cases involving fraud, collusion, wilful mis-statement or suppression of facts with the intent to evade payment of … [Read more...] about Finance Ministry reduces penalty for customs duty fraud by 10%
Clarification Issued in the Matter of Service Tax
Clarification Issued in the Matter of Service Tax; Only Air-Conditioned or Air-Heated Restaurants to Pay Service Tax; Restaurants, Eating-Joints or Messes Which Do Not Have the Facility of Air-Conditioning Or Central Air-Heating in Any Part of the Establishment are Exempt from Service Tax. At present, Service Tax is chargeable on services provided by restaurants, … [Read more...] about Clarification Issued in the Matter of Service Tax
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