Financial Daily from THE HINDU group of publications
Thursday, Jun 24, 2004
Financial Daily from THE HINDU group of publications Thursday, Jun 24, 2004 |
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Opinion
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Letters The VAT juggernaut
This is with reference to the editorial "The VAT juggernaut" (Business Line, June 22). Though empowering the States to impose tax on important services will cost the Centre revenue loss, it is only appropriate that the State machinery is being roped in to tap the full potential of service taxes from a variety of sources. The efforts of the Centre have not succeeded so far in tapping the full potential of the service sector across a wide range of services, which are primarily local in nature. Importantly, the National Commission to review the working of the Constitution has recommended specific enumeration of services that may become amenable to taxation by the States. It is time a consensus list of services to be taxed by the States came into force so as to augment their revenue sources. In fact, not only the Centre but also many of the States are struggling with widening budget deficits. C. Ramesh Keeramangalam (TN) Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in
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