Concerned over low service tax realisation, Revenue Secretary Shaktikanta Das Monday asked the CBEC (Customs, Central Excise and Service Tax) to analyse revenue mop-up sectorally and ensure that it grows by 20-22 percent in the fiscal.
Even as the Modi government is yet to cross the Parliamentary hurdle before it can roll out a uniform tax regime, it has rechristened Mumbai-based Directorate General of Service Tax as Directorate General of Goods and Service Tax (DGGST), and shifted it to Delhi.
In a big relief to mutual fund agents, the government has said that distributors will not have to pay tax on services provided by them and the liability in this regard would entirely be on the fund houses.
India should not apply service tax on overflights by foreign airlines, extra baggage, global distribution systems and international tickets, world airlines body IATA said Tuesday, as it suggested smarter regulation to make it easier for the industry to do aviation business here.
"The senior functionaries in government engaged and involved with policy making are much more receptive in modern times as compared to 15-20 years ago and therefore, can suitably accommodate industry's inputs along with its perspective in the final policy document to plug possibilities of faltering and making unintended mistakes," he said.
In case of voluntary payments along with interest, reduced penalty have been provided depending upon the stage of litigation i.e. Prior to issuance of show cause notice, after issuance of show cause notice but before adjudication or after adjudication.