Service tax is a comparatively new concept and is said to be the tax of the future.
For this reason, several service sectors seem to be experiencing future shock. A number of traders and professionals are uneasy with this new head to extract revenue introduced in the nineties by the present Prime Minister when he was finance minister.
Transporters, clearing agents and even marriage hall owners and caterers have unsuccessfully challenged the new levy up to the Supreme Court.
The latest of the assault was made by the tax practitioners themselves in the Supreme Court and they have failed to make any dent in the forward march of the service tax, which is encompassing new sectors with each annual Budget
'Service -Tax' to rope many traders and professionals
Last updated: 06 September 2007
Comments
Recent News :
- Gujarat SGST Department Detects Rs 3.53 Crore Tax Evasion in Tobacco and Battery Sectors
- ED Arrests Bengaluru Man For Manipulating ITRs, Securing Fraudulent Tax Refunds
- Biometric Authentication to Launch at 46 GST Service Centres in MP to Prevent Fraud
- 18% or 5% GST: Houseboat Industry Battles Tax Woes
- ICAI Joins Hands with CBSE to Revolutionize Skill-Based Accounting Education
- CBDT Mandates e-Filing for Forms 42, 43 and 44
- RBI Warns Banks: Stop Freezing Accounts Over KYC Issues
- Kerala GST Department Revises Adjudication Process for Show Cause Notices
- FM Nirmala Sitharaman Calls for Affordable Bank Interest Rates to Boost Investments
- Income Tax Department Stresses TDS Adherence for Mizos Despite Tax Exemption
Popular News
- Income Tax Department Cracks Down on Bogus Refund Claims, Sends Notices to Taxpayers
- CBIC Extends GSTR-3B Filing Deadline for Oct 2024 to Nov 21 for Maharashtra and Jharkhand
- GSTN: Resolution Underway for Duplicate Invoices in GSTR-2B for September and October 2024
- ICAI Urges MCA to Reconsider NFRA's Audit Standard Amendments
- NFRA Chairperson Justifies Audit Standards Revision Amid ICAI Opposition
CAclubindia
