In a relief to IT companies, government has set aside a ten thousand crore rupees service tax demand notices on IT companies. The tax department had slapped service tax demand notices on about 200 information technology and IT-enabled services companies. It had asked them to return export benefits claimed between 2012 and 2016 on softwares provided to clients outside India. In a statement,Finance Ministry said the Commissioner (Appeals) has set aside the orders of the lower adjudicating authority in this regard. The Ministry said, as a result, apprehensions about the negative effects on the software industry are without basis.It came a day after IT companies raised the issue of tax demand with Finance Minister Arun Jaitley during the customary pre-budget consultations.
News On AIR | December 12, 2017 9:13 PM
Govt sets aside Rs ten thousand crore service tax demand notices on IT companies