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K.R. Srivats

New Delhi , Oct. 19

CORPORATE India and advertising agencies have been given more time to submit their views and suggestions on the recent draft circular relating to service tax on advertising services.

The Finance Ministry has extended the last date for submitting feedback to October 27, officials said.

The Revenue Department had earlier set October 20 as the last date for sending in comments and suggestions on the draft circular, which has stirred a debate within the industry.

Among other things, the draft circular, issued during the second week of October, seeks to expand the scope of the value of taxable services that would be subject to service tax in the case of advertising services.

The draft circular had specifically mentioned that all amounts paid by an advertising agency to the print or the electronic media (for obtaining space and time) would be counted in the value of taxable services.

This position reverses the Revenue Department's earlier stance on the issue.

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