Financial Daily from THE HINDU group of publications
Saturday, Sep 11, 2004
Financial Daily from THE HINDU group of publications Saturday, Sep 11, 2004 |
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Budget Industry & Economy - Budget President okays Finance Bill
K.R. Srivats
New Delhi , Sept. 10 THE Finance Bill 2004 has received the assent of the President, Dr A.P.J. Abdul Kalam. With the President giving his assent to the Bill on Friday, the Finance Bill has been enacted into a law. Parliament had on August 26 this year passed the Finance Bill 2004, after which the Bill was sent to the President for his assent. The Presidential assent to the Bill, according to informed sources, would imply that Budget announcements such as an increase in the rate of service tax from 8 to 10 per cent would have to come into effect from Friday. Further, 13 new services including business exhibition services, airport services, transport of goods by air, opinion poll services and travel agents (other than air/rail travel agents) were also to come under the service tax net from today. Meanwhile, the Finance Ministry on Friday evening was gearing up to issue a slew of notifications and circulars, especially on service tax. Indications are that the revenue department would notify with effect from Friday the Cenvat credit Rules 2004 that would, among other things, provide credit of service tax and excise duty across goods and services.
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