'Enact stand-alone legislation to tax services'
In its pre-budget memorandum to the Finance Ministry, industry chamber PHDCCI has urged the government to enact a comprehensive stand-alone legislation and an administrative machinery for collection of service tax.
By PTI |
NEW DELHI: In its pre-budget memorandum to the Finance Ministry, industry chamber PHDCCI has urged the government to enact a comprehensive stand-alone legislation and an administrative machinery for collection of service tax.
The enactment of such a legislation will pave the way for easy taxation of services in the country as a number of definitions of taxable services in the Finance Act 1994 has made it cumbersome.
For enacting the separate legislation, all services should be charged to tax with a small negative list.
The separate legislation will be self-contained, distinct and comprehensive, it said.
The chamber has called for removal of service tax on the construction sector as high-construction cost coupled with service tax leads to financial burden on the industry.
The enactment of such a legislation will pave the way for easy taxation of services in the country as a number of definitions of taxable services in the Finance Act 1994 has made it cumbersome.
For enacting the separate legislation, all services should be charged to tax with a small negative list.
The separate legislation will be self-contained, distinct and comprehensive, it said.
The chamber has called for removal of service tax on the construction sector as high-construction cost coupled with service tax leads to financial burden on the industry.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
