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The Government has set up a team to examine the feasibility of a common tax code for service tax and central excise. The ‘study team' would be headed by Mr M.K. Gupta, a retired IRS officer and a former Vice-Chairman of the Customs and Central Excise Settlement Commission.
This team has been asked to suggest a draft common tax code for service tax and central excise that can be implemented under the present Constitutional scheme, keeping in view the challenges in the context of impending GST.
It has also been directed to address issues relating to input tax credits with a view to simplify the existing scheme and to mitigate cascading to the extent possible. The team may also suggest any other measure that will help in reducing the cost of compliance for business or enable transition towards a comprehensive GST.
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