Industry & Economy
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Taxation
Govt to clear air on service tax ambit
Our Bureau
Bangalore
,
Aug 2
THE ambiguity about the goods and services being brought under the new service tax proposals in the Union Budget for 2004-05 would be cleared once the Finance Ministry finalises the modalities and rules within a week.
The details of the rules and its implications would be posted on the Ministry's Web site soon, said Mr S.K. Bhardwaj, Member (Budget), Central Board of Excise and Customs (CBEC).
Addressing the members of the Grater Mysore Chamber of Industry (GMCI) here on Monday, Mr Bhardwaj sought suggestions from the industry and business community to remove any ambiguities to help implement a tax-friendly regime.
Mr Gautam Bhardwaj, Director (Tax Research Unit), CBEC, said that due to the delay in the presentation of the Budget this year, the Finance Bill could not be passed on time and assured the members that a streamlined integration of the goods and services list with appropriate cross-credit applicability would be ready soon.
Earlier, Mr S. Chandrasekhar, President of GMCI, appreciated the Finance Minister's efforts at giving a direction to the policies of the Government and hoped that the peak import duty would be further reduced in the next budget.
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