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New service tax regime with negative list operates from July first
in Current Affairs & Latest News
Now a new negative list of services regime has been introduced. All services except those in negative list are taxable @ 12% (rate effective from first April)

This will enhance tax liability of all products and services. Manufacturing companies and traders utilize many services all of which will go to enhance cost. This will increase inflation.

http://www.thehindu.com/business/Economy/article3589492.ece

G. K. Ajmani Tax consultant
http://gkajmani-mystraythoughts.blogspot.com/

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    This is a nice information and may be fruitful to collect more tax.
    www.mobileeduhut.blogspot.in
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    Now a new negative list of services regime has been introduced. All services except those in negative list are taxable @ 12% (rate effective from first April)

    This will enhance tax liability of all products and services. Manufacturing companies and traders utilize many services all of which will go to enhance cost. This will increase inflation.

    http://www.thehindu.com/business/Economy/article3589492.ece


    They are trying to align as per their statement. What's missing here which i am not able to get ? Still there are many in list exempted.. Can you please explain more...
    Life is a box of Chocolate, You never know what you gonna get.... :)
    www.InstantKhichri.blogspot.in
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    [quote]As per the negative list-based approach, services such as metered taxis, auto-rickshaws, betting, gambling, lottery, entry to amusement parks, transport of goods or passengers and transmission and distribution of electricity by distribution companies will not come under the service tax net.[/quote]

    I only didn't understand properly the above paragraph, does it mean that gambling, lottery and amusement parks are exempted form such taxes??

    "I am free of all prejudice. I hate everyone equally."
    - W. C. Fields :)

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    Yes this is part and parcel of 'garibi hahatao- gareeb hatao.' As expected. Once Mulayam said he would abolish sales tax. He did- he changed its name to trade tax, but there is no sales tax any more. :pinch: What an idea sir ji!

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    When it all started under great Chidambaram as Finance Minister it made a quiet appearance as a tax imposed on a handful of services which grew in number and also in rates. Now under Pranab Mukherjee this hard work of finding new item of service has been dispensed with.Now all services under the sun would come under it purview except this negative list. Wonderful! His parting kick to Indians before he graces the throne of President!
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    Now a new negative list of services regime has been introduced. All services except those in negative list are taxable @ 12% (rate effective from first April)

    This will enhance tax liability of all products and services. Manufacturing companies and traders utilize many services all of which will go to enhance cost. This will increase inflation.

    http://www.thehindu.com/business/Economy/article3589492.ece


    what will be the taxable amount for negative list service?
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    Now a new negative list of services regime has been introduced. All services except those in negative list are taxable @ 12% (rate effective from first April)

    This will enhance tax liability of all products and services. Manufacturing companies and traders utilize many services all of which will go to enhance cost. This will increase inflation.

    http://www.thehindu.com/business/Economy/article3589492.ece


    what will be the taxable amount for negative list service?


    All services appearing in the negative list are zero-rated.
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    Now a new negative list of services regime has been introduced. All services except those in negative list are taxable @ 12% (rate effective from first April)

    This will enhance tax liability of all products and services. Manufacturing companies and traders utilize many services all of which will go to enhance cost. This will increase inflation.

    http://www.thehindu.com/business/Economy/article3589492.ece


    what will be the taxable amount for negative list service?


    All services appearing in the negative list are zero-rated.


    Chinmoy, could you please explain what zero rating means?/

    "I am free of all prejudice. I hate everyone equally."
    - W. C. Fields :)

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    Now a new negative list of services regime has been introduced. All services except those in negative list are taxable @ 12% (rate effective from first April)

    This will enhance tax liability of all products and services. Manufacturing companies and traders utilize many services all of which will go to enhance cost. This will increase inflation.

    http://www.thehindu.com/business/Economy/article3589492.ece


    They are trying to align as per their statement. What's missing here which i am not able to get ? Still there are many in list exempted.. Can you please explain more...


    Previously, there was a list of taxable services. From first July, there is no such list. Now there is a 'negative list' of services that are not taxable. Every service that is not in negative list is taxable.

    G. K. Ajmani Tax consultant
    http://gkajmani-mystraythoughts.blogspot.com/

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    Let him do it but zero rated means, which have no use for public practically. those items are not essential items.

    I love this free image hosting site for sharing my work

    https://o0.nz/

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