The Supreme Court has held that banks and financial institutions, including non-banking financial companies, are liable to pay service tax on transactions of leasing and hire purchase of moveable goods. While bringing such services within the service tax net, a Bench headed by chief justice SH Kapadia has upheld the levy of service tax on [...]
Archive for the ‘Service Tax’ Category
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Govt rationalises service tax liability for lottery sellers and distributors
Posted by khyati on October 12th, 2010
The government has rationalised the service tax liability on sellers and distributors of lottery tickets by giving them the option to pay tax at flat rate based on the face value of tickets. Under the new scheme, a distributor or lottery selling agent can opt to pay flat service tax of Rs 6,000 on every [...]
Finmin: New service tax payment scheme for promotion / marketing of lotteries
Posted by khyati on October 11th, 2010
The Finance Ministry has come up with an optional composition scheme for service tax payment on promotion or marketing of lotteries. Budget 2010-11 had introduced service tax levy on the services of promoting, marketing, or organising of games of chance, including lottery. Service Tax Under the composition scheme, a distributor or lottery selling agent who [...]
Service tax on copyright services, FinMin hopes to tax film rights
Posted by khyati on October 5th, 2010
A recent decision of the high court in Chennai on the levy of service tax on software sale has made the Union finance ministry hopeful of a similar verdict in the case of copyright services. The government is involved in several court cases with some leading production houses over its move to levy service tax [...]
Service tax on rent is under court stay
Posted by khyati on October 1st, 2010
We are a limited company which has a lot of retail outlets for marketing our products. The outlets are on rental basis. Till recently, we were not paying service tax based on the Delhi HC stay petition. What is the status of the same? Meaning of “Renting of immovable property” —“Renting of immovable property” includes [...]
IATA chief: Service tax on air tickets is illegal
Posted by khyati on September 24th, 2010
International Air Transport Association’s (IATA) director general and chief executive officer (CEO) Giovanni Bisignani will the central government to scrap service tax levied on air travel. “I am meeting the finance secretary. The service tax on air tickets by the government is illegal. It is embarrassing for India which is a leading member of the [...]
