E India CA

Professional Updates for Chartered Accountants

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Decision taken at the 17th Meeting of GST Council held on 18th June, 2017

GST Council categorically decided to implement GST from 1st July. There will be a special launch of GST at Vigyan Bhawan, New Delhi on the mid-night of 30th June and 1st July ( as already shared by me few days back, now officially announced by FM). *Now it's certain that roll out date of #GST won't be postponed from 1st July* but ...

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Most you get for being an honest taxpayer: Rs 14,806

NEW DELHI: With finance minister Arun Jaitley reducing the tax rate on income slab of Rs 2.5 lakh to Rs 5 lakh+ from 10% to 5%, all taxpayers whose income is up to Rs 50 lakh get a relief of Rs 12,500. The relief can go up to a maximum of Rs 14,806 (with 15% surcharge) for those with income of over Rs 1 crore. The lowering of ...

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India to levy service tax on freight for imports on delivered basis

Overseas exporters chartering foreign vessels to supply goods to India will have to pay a service tax on freight from Sunday, a government notification said. It will be the same as the 4.5 percent service tax that India currently levies on free-on-board (FOB) cargoes, where the ship is chartered by a local buyer. Prior to the c...

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Indirect tax assessments not to be reopened if turnover rises

Revenue Department on Sunday said officials will not reopen the past assessments of excise and service tax of assessees even if their turnover in the current period increases on account of digital payments in the wake of demonetisation. In a circular to excise and service tax chief commissioners, the Central Board of Excise and Cust...

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Mumbai zone’s Apr-Oct service tax mop-up exceeds target

Service tax collection from the Mumbai zone rose to Rs 45,821 crore in the April-October period of this fiscal, exceeding the target by more than Rs 5,000 crore. Revenue collection by the service tax department was up by Rs 9,801 crore or 27.3% compared to Rs 36,020 crore mopped up in the same period of the previous fiscal, the depa...

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Centres states may shake hands on 18% service tax under GST

The Centre and states may agree on an 18 percent service tax rate under goods and services tax (GST), a move that could turn most services, which are now taxed at 15 percent, costlier. Most services, except those in the negative list of essential services such as healthcare and education, will come under GST. For goods the Centre h...

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Yoga-promoting institutions out of service tax net

Yoga instructor Ramdev's trusts and similar other institutions engaged in promoting yoga are not required to pay the service tax for a period, starting from June 20, 2012 to October 20, 2015, provided they are registered as charitable entities. For period after October 20, 2015, Yoga-promoting institutions has come under the negat...

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Service tax collection from Mumbai zone up 21.3 per cent till August

Service tax collection from Mumbai zone has surged by over 21 per cent in the first five months of the fiscal year over the year-ago period, surpassing target. Revenue collection from the Mumbai zone rose 21.3 per cent to Rs 29,003 crore as of August 31, or Rs 5,097 crore in absolute terms from collection of Rs 23,906 crore in the c...