Financial Daily from THE HINDU group of publications
Tuesday, May 17, 2005
Financial Daily from THE HINDU group of publications Tuesday, May 17, 2005 |
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Industry & Economy
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Taxation Flexibility in centralised regn of service tax urged K.R. Srivats
New Delhi , May 16 FAST moving consumer goods (FMCG) companies are asking the Finance Ministry to grant them the flexibility of centralised registration for the service tax payable by them on goods transport agencies. Under the current service tax regime, a company (as consignor or consignee) that pays the freight for the transportation of goods by road is liable to fork out the service tax on the services of a goods transport agency. Consequently, such companies are required to have registration with the Central excise department at every location in which they pay freight for transportation of goods by road in a goods carriage.
A representative of a FMCG major said here at a recent CII national conference on service tax that this requirement added to the "complexities of compliance" at each of the locations as well as on maintenance of records.
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