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India's service tax revenue is estimated to be flat at Rs.65,000 crore ($13.4 billion) this fiscal, Finance Minister Pranab Mukherjee said Monday while presenting the budget for 2009-10 in the Lok Sabha.
The revised estimates of the service tax revenue for 2008-09 stands at Rs.65,000, while the government earned Rs.51,301 crore from the tax in 2007-08.
While Mukherjee brought the law firms/lawyers offering advice to non-individuals under the service tax net, relief has been provided to exporters.
The tax was first introduced in 1994-95 by the then finance minister Manmohan Singh on three services - telephone, general insurance and stock broking.
Over the years, not only the tax ambit, but also the tax also went up, helping the government fetch handsome revenues.
Last updated on Jul 6th, 2009 at 17:56 pm IST--IANS
Action star Akshay Kumar will be seen performing the death-defying sport Parkour in his upcoming Thums up commercial. He says that besides action, it has fun elements too.
Peerless Funds Management Company Ltd (PFMCL) is scouting for a foreign partner to further strengthen the business, a company official said here Tuesday.
US diplomat Nina Fedoroff, science and technology adviser to Secretary of State Hillary Clinton, arrived in the capital late Monday on an invitation from Indian scientists.
Commerce Minister Anand Sharma will meet Finance Minister Pranab Mukherjee later this week to take a decision on stimulus packages for the exporters for the next fiscal, Commerce Secretary Rahul Khullar said Tuesday.
A benchmark index of Indian equities Tuesday shut shop 106 points higher and above the psychologically important 16,000-mark, pushed up primarily by IT and healthcare stocks.
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