Industry & Economy
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Taxation
Assocham moots Service Tax Act
Our Bureau
New Delhi
,
May 26
THE Associated Chambers of Commerce and Industry (Assocham) has suggested a separate self-contained Service Tax Act in the forthcoming Budget, after incorporating the present governing provisions and with additions in missing areas as to make it a self-contained progressive enactment.
According to Mr Mahendra K. Sanghi, President, Assocham, the current practice of getting service tax issues incorporated piece meal in the Finance Act 1994 each year through every Finance Bill, including this year, makes it complicated and difficult to follow especially with different selective central excise provisions being made applicable. Moreover, service tax credit facility across services has been put in place and more services are to be brought into the service tax net soon, Mr Sanghi said.
"Our service sector is a vast heterogeneous one with many service providers and users extending from large, medium to small service providers including in the unorganised sector and individuals wise. Under the present scheme, in some services even a one-man outfit can fall in the net.
"For small service providers compliance would be more difficult and they would be vulnerable in the hands of unscrupulous officials," he added.
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