New Service Tax regime comes into force

A new service tax regime has come into force. All services, except 38 services in the negative list, will now attract 12% service tax. The government has also broadened the definition of ‘Services’ to bring in more activities under the ..

Month: Current Affairs - July, 2012

What is Fringe Benefit Tax?

Fringe Benefit Tax (FBT) was a tax levied in india from 2006 to 2009. It was paid by the companies in lieu of benefits they offered to their employees in addition to the compensation / salary. The tax was levied ..

Annual Foreign Trade Policy 2007-08

The Annual Supplement 2007-08 to the National Foreign Trade Policy (2004-09) was announced by Shri Kamal Nath, Union Minister for Commerce & industry on April 19, 2007. 1. Exemption from Service Tax on services (related to exports) rendered abroad: Government ..