Efforts to simplify service tax
Govt plans to issue comprehensive circular on service tax by mid June on all 100 services under tax net.
By PTI |
NEW DELHI: Government is expected to come out with two comprehensive circulars that will give details about all 100 services under the service tax net and related procedures in a simplified manner by mid-June.
"The comprehensive circular will replace all the present circulars and will enable the tax payers to access all required information in a detailed and simplified manner," Central Board of Excise and Customs (CBEC) P C Jha said while
speaking at an Assocham seminar here.
Service Tax Commissioner Gautam Bhattacharya said these circulars would be based on the recommendations of single-member Rastogi Committee and will also contain the modified and required portion of present circulars.
"The new circulars are in final stages, and would be issued by mid-June after the clearance by Finance Minister P Chidambaram," he said, adding most of around 120 circulars have already become redundant.
Jha said the government has already withdrawn 48 circulars issued since 1994 and efforts are being made to clarify all issues relating to service tax through the new circular.
He also clarified that in future all circulars would be issued only by the CBEC, unlike in the past when Director General Service Tax also used to issue circulars.
Bhattacharya said that seven new services, which have been included in the service tax net from June 1 this year, are expected to fetch about Rs 9,000 crore this fiscal.
The commissioner said the target of service tax has been
raised to Rs 50,200 crore for 2007-08 from against Rs 37,500
crore in the previous year.
"The comprehensive circular will replace all the present circulars and will enable the tax payers to access all required information in a detailed and simplified manner," Central Board of Excise and Customs (CBEC) P C Jha said while
speaking at an Assocham seminar here.
Service Tax Commissioner Gautam Bhattacharya said these circulars would be based on the recommendations of single-member Rastogi Committee and will also contain the modified and required portion of present circulars.
"The new circulars are in final stages, and would be issued by mid-June after the clearance by Finance Minister P Chidambaram," he said, adding most of around 120 circulars have already become redundant.
Jha said the government has already withdrawn 48 circulars issued since 1994 and efforts are being made to clarify all issues relating to service tax through the new circular.
He also clarified that in future all circulars would be issued only by the CBEC, unlike in the past when Director General Service Tax also used to issue circulars.
Bhattacharya said that seven new services, which have been included in the service tax net from June 1 this year, are expected to fetch about Rs 9,000 crore this fiscal.
The commissioner said the target of service tax has been
raised to Rs 50,200 crore for 2007-08 from against Rs 37,500
crore in the previous year.
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