Industry & Economy
-
Taxation
ICSI up in arms against move to tax services
Our Bureau
New Delhi
,
March 6
One of the measures in the Budget to bring in the services offered by the professionals such as Chartered Accountants, Costs and Works Accountants and Company Secretaries by withdrawing the earlier exemption has the entire community crying foul.
The Institute of Company Secretaries of India (ICSI) has urged the Finance Ministry to reconsider its proposal and correct the anomaly.
As a result of the withdrawal of the notification, which granted exemption from Service Tax, all the services being rendered by the Chartered Accountants (CA), Cost Accountant (ICWA) & Company Secretaries (CS) in their professional capacity will now become taxable under the Service Tax.
To become costlier
"Its withdrawal will harshly affect us and make costlier the services of practicing Company Secretaries vis-à-vis certain other professionals rendering the same service. This we feel is discriminatory and unfair," the President of ICSI, Mr H.M. Choraria, has said.
The 1998 notification exempted services other than accounting, auditing and statutory certification services provided by a practicing chartered accountant, company secretary or cost accountant from the levy of Service Tax.
"It should be noted that there are many services such as tax representation, Company law matters etc, where the advocates also offer their services and they are yet to be brought within the ambit of Service Tax," he said.
ICSI has approached the Finance Ministry on the matter. Service Tax is a tax on service, class or category of service provider is not relevant, he pointed out.
More Stories on :
Taxation |
Accountancy |
Budget
Article
E-Mail
::
Comment
::
Syndication
::
Printer Friendly Page
|
