What is 'Service Tax'

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• DRI officers also empowered to seek recovery of duty on imported goods, customs dept tells SCThe Supreme Court is reviewing a 2021 verdict that ruled Directorate of Revenue Intelligence (DRI) officers are not authorized to recover duties on already cleared imported goods. The customs department argues there are errors in the judgement and seeks to establish DRI officers as proper customs officials under the Customs Act.
• Education Ministry steps in after IITs get GST noticesA host of academic institutions countrywide including IIT-D have been served show cause notice seeking explanation on non-payment of tax on funding support for research by GST authorities. Notices have been sent by the Directorate General of GST Intelligence for the period between 2017-2022.
• 54 crore GST refund scam exposed by Delhi's Anti-Corruption BranchIn a massive crackdown, the Anti-Corruption Branch (ACB) of Delhi has uncovered a scam involving fraudulent GST refunds within the Trade & Taxes department of the Delhi Government. The authorities have arrested a Goods and Services Tax (GST) officer along with six associates.
• Supreme Court rules service tax cannot be levied on sale of lottery ticketsThe Supreme Court declared that service tax on lottery ticket sales is not applicable, overturning previous high court rulings. Covering the period of May 2008 to June 2010, the court recognized lottery tickets as actionable claims and not goods, necessitating tax refunds for the companies involved. This ruling clarifies the constitutional stance on service tax for lotteries.
• Infosys mulls contesting Rs 32,403-crore GST noticeInfosys is considering contesting a Rs 32,403 crore notice for unpaid Integrated Goods and Services Tax (IGST) under the reverse charge mechanism. The issue is related to services claimed to have been received from overseas branches, according to people familiar with the matter. Infosys received a pre-showcause notice from the Bengaluru branch of Directorate General of GST Intelligence (DGGI) and has not yet responded to this latest notice.
• Infosys mulls contesting Rs 32,403-crore GST noticeInfosys is considering contesting a Rs 32,403 crore notice for unpaid Integrated Goods and Services Tax (IGST) under the reverse charge mechanism. The issue is related to services claimed to have been received from overseas branches, according to people familiar with the matter. Infosys received a pre-showcause notice from the Bengaluru branch of Directorate General of GST Intelligence (DGGI) and has not yet responded to this latest notice.
• Budget 2024: Travel agents body demands industry status, GST rate rationalization for tourism sectorUnion Budget 2024: On Monday, the Travel Agents Association of India (TAAI) called for several measures to support the domestic travel and tourism sector. These include streamlined visa requirements, promoting visa-free entry for tourists, rationalising GST rates and GST credit, and granting industry status to all stakeholders. The sector contributes 5.8 percent to India's GDP and has an ambitious target of reaching USD 1 trillion by 2047.
• Budget 2024: Travel agents body demands industry status, GST rate rationalization for tourism sectorUnion Budget 2024: On Monday, the Travel Agents Association of India (TAAI) called for several measures to support the domestic travel and tourism sector. These include streamlined visa requirements, promoting visa-free entry for tourists, rationalising GST rates and GST credit, and granting industry status to all stakeholders. The sector contributes 5.8 percent to India's GDP and has an ambitious target of reaching USD 1 trillion by 2047.
• How stock markets have behaved before and after Budgets since 2000As Dalal Street prepares for the upcoming Budget presentation by Finance Minister Nirmala Sitharaman later this month, a study of market behavior since 2000 reveals that investors tend to reduce their exposure one week before and re-enter one week after Budget day. However, investing on the day before the Budget results in mixed outcomes, with a 54% chance of negative returns one month later, akin to a coin toss.
• Zomato gets Rs 9.5 crore tax demand, company to appeal against orderFood delivery company Zomato said it has received a tax demand from the Karnataka authorities, aggregating to Rs 9.5 crore. This is the latest of multiple orders the company has received previously; the last was Rs 11.82 crore in April.