Daijiworld Media Network – Mangalore (AF)
Mangalore, Mar 6: A talk on ‘Overall Impact of Union Budget on Economy’ organised by Kanara Chamber of Commerce and Industry (KCCI) and state unit of Federation of Indian Export Organisations (FIEO) was held at the KCCI meeting hall here on Monday March 5.
Delivering the talk, Lakshmi Kumaran and Shridharan (Bangalore) partner and advocate G Shivadas elaborately explained the idea of service tax and the various sectors on which it will be applied according to the new budget.
Service tax will be levied on areas such renting of immovable property for commercial purpose, design services such as designing websites, furniture packages etc, development and supply of mobile phones including value added services provided by networks, motor vehicles carrying more than 12 passengers, event management, and various other fields, he explained.
He also warned that failure to pay service tax on time attract a late fee of Rs 2000.
Among those present were KCCI president John Prasad Menezes, Walter D’Souza and others.