Financial Daily from THE HINDU group of publications
Friday, May 17, 2002
Financial Daily from THE HINDU group of publications Friday, May 17, 2002 |
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Government
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Taxation Service tax Act only after due study: Govt Our Bureau
NEW DELHI, May 16 THE Government will consider the legal and practical aspects of merging excise and service tax in one piece of legislation for comprehensive coverage before introducing an independent Act on service tax, according to the Finance Ministry. The Standing Committee on Finance had suggested an independent Act on service tax with a view to bringing several service providers including self-employed persons under the tax net and vesting the revenue authorities with punitive powers which are at par with administration of other taxes and levies. The committee had also said that despite the recommendations of the tax reforms commission and the expert group on service tax that levy on services should eventually be integrated with Central excise duties, the Centre seems to be reluctant on the idea. It had also suggested that in view of the in built tax buoyancy of services and their rising share in GDP, the incidence on taxation of services should be progressively increased to bring these at par with the cenvat rate.
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