Which 17 Services in Negative List are Exempt from Service Tax in India ?
Except the Following 17 Services in the Negative List, all other Services rendered by Lawyers, Doctors, Hotels, AC Trains, etc are under the purview of Service Tax now effective 01-APR-2012.
Negative List of 17 Services Exempt from Service Tax
(a) services by Government or a local authority excluding the following services to the extent
they are not covered elsewhere -
(i) services by the Department of Posts by way of speed post, express parcel post, life insurance and agency services provided to a person other than Government;
(ii) services in relation to an aircraft or a vessel, inside or outside the precincts of a port or Read more
TRAI Calling for Global Comments on Telecom Reforms in India
After the 2G Spectrum Scam in India, the TRAI and DoT do not want to take any chance though officials lust for corrupt money making is not fully wiped out in the two offices. However, TRAI has called for Paper inviting expert comments form various Indians globally to push forward the Telecom Reforms.
Natural resource allocation issue raised by the Supreme Court
Q1. How can the various principles outlined by the Hon’ble Supreme Court in various observations brought out in para above be sufficiently incorporated in the design of spectrum auction?
Q2. What are the key objectives to be kept in mind in the auction of the spectrum?
Quantum of spectrum to be auctioned
Q3 What should be the amount of spectrum which should be auctioned? Read more
Curtains Down for Sonia – Rahul Congress – Scams + Corruption + Inflation + Paid Media Down the Drains
The Verdict of the People of India in the Largest State of Uttar Pradesh voting Samajwadi Party’s Mulayam Singh back to Power as already predicted on this Website Months before the state went to Polls only reaffirms the faith of common man in a CLEAN DEMOCRACY and not the Weak Governance of Manmohan Singh remote controlled by Sonia Ghandi / Rahul Gandhi.
Inflation Ignored by Congress – Inflation was considered a very important issue by voters in UP. More evidence was on offer today. The margin of the ruling BSP’s defeat in UP suggests that even its core voter, who likely voted for the party based on identity five year ago, abandoned the party in 2012 in the wake of disappointing economic outcomes
The younger generation of India must know the facts of this Grand Old Party, Indian National Congress, which once upon a time used to be a party of dedicated workers but these days it is all about easy Money by any means [All ethics forgotten]. They tried to Woo the Muslim Voters in Uttar Pradesh by announcing a Separate Quota but in vain. They think that Read more
India’s New Reality – Oil $120+ Inflation + Poor Infrastructure + Monetary Policy
Oil price risk, India’s perennial weakness, has risen in recent months. While production and shipment risks from Iran and several African countries have impacted the supply side outlook, improved growth prospects in the US and substantial liquidity support from G-3 central banks have helped shore up demand as well, consequently pushing up global crude oil prices by 12% from the beginning of the year.
The risks of higher global oil prices translate to i) inflation and growth ii) current account deficit and rupee and iii) fiscal position of the government with special emphasis on fuel subsidies. Read more
Fraudulent ATM withdrawals while ATM Cards Safely With Owners – Unsolved
The RBI Ombudsman Manual of 2010-11 discusses an interesting case of Fraudulent ATM withdrawals while ATM Cards are Safely in the Hands of Owners and they have not disclosed any PIN. This is for not just one or two customers but around 100 customers siphoned this way.
A series of complaints were received against a few banks alleging unauthorized debits in complainants’ accounts as a result of fraudulent withdrawals through ATMs. Considering the volume, value, timing Read more
Gold Consumption in India for 2010 and 2011
India and China together account for more than half of total global demand for gold, with demand from India typically surpassing that of China’s. But the fourth quarter of 2011 registered a change in the trend.
The Gold India Consumed by means of IMPORTS in the year 2010 and 2011 according to World Gold Council is as follows,
- 2010 – Indians bought 657.4 tonnes of Gold for Jewelery and 348.9 tonnes for Investment with total Gold BUYING of 1,006.3 tonnes
- 2011 – Due to rising Gold prices Indians made 567.4 tonnes of Jewelery and invested another 366 tonnes as safe haven thus taking total Gold bought by Indians to 933.4 tonnes.
India consumed 25% of the World’s Total Gold Demand which Read more
Uttar Pradesh Elections – A Close Call
Of the five states going to poll, Uttar Pradesh is the most important one given its sheer size. However, the results may be too close to call.
The Bahujan Samajwadi Party (BSP) suffers from incumbency, but Chief Minister Mayawati has tried to overcome it by aggressively churning her candidates. Still, there could be voter fatigue due to corruption allegations.
The Samajwadi Party (SP) has a fresh tailwind with Akhilesh Yadav and does not have the headwind of being an incumbent as it did in 2007. If the results are close, Ajit Singh’s party (currently a Congress ally) could play a prominent role in government formation. Both the Congress and the BJP suffer from lack of local leadership and Read more
Sanctity of IIM-Bangalore – Insider Trader Mukesh Ambani Heading the Board of Governors
Does the Indian Institute of Management at Bangalore take pride in having Insider Trader and head of Reliance Industries, Mukesh Ambani as the head of Board of Governors of this premier institute ? I wonder how learned and qualified Professors are tolerating the same when their are clear orders from the office of the Securities and Exchange Board of India about the violations.
It is really shameful that institutes like IIM, a dream of million Indians for their Management education are accommodating Read more
2G Scam – Supreme Court Order Answers Who Owns Telecom Spectrum of India
The Supreme Court Order on 2G Scam has preserved the Natural Resource – Telecom Spectrum from being thrown away at price of peanuts by means of corruption at high places. Here is a detailed analysis of the Supreme Court Order on 2G Spectrum Scam case under the able leadership of Shri Manmohan Singh.
Whether the Government has the right to alienate, transfer or distribute “natural resources/national assets otherwise than by following a fair and transparent method consistent with the fundamentals of the equality clause enshrined in the Constitution?
The Judgment Says, Read more
2G + CWG Scam + Anti-Corruption Wave – Strong Chance for SP in Uttar Pradesh. UPA Central Govt May Collapse
The Indian Political Economy is in Short Term trouble for sure. The under-the-table cooperation model between politics and business in India had clearly broken down due to a series of corruption scandals like the Commonwealth Games, 2G Spectrum Scam, SEBI Consent Order Scam, Mining Scam Across the Country, etc
The ruling Congress / UPA will face an adverse outcome due to its direct / indirect involvement in the series of scams across the length and breadth of the country under the weakest Prime Minister in World history. Mulayam Singh Yadav’s Samajwadi Party likely to win the Read more