Friday, Jul 11, 2003
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By Our Special Correspondent
Indicating this, Mahendra Prasad, Member, Central Board of Excise and Customs (CBEC), who addressed a seminar organised by the Confederation of Indian Industry on `Service Tax,' said the Government was in the process of preparing a list of items on which the States would be empowered to levy taxes. Following the constitutional amendments made in the last session of Parliament, the States have been allowed to apportion and collect service tax. Now the Centre plans to come up with a separate list of services, which are local in nature, and allow the States to levy taxes but only after the introduction of VAT. Other services that are spread nationwide would come under the ambit of the Centre. Mr. Prasad also observed that the revenue generated from customs duty would drop to a great extent because of WTO obligations. As such the revenue generated by the service tax must increase to compensate for the declining customs duty revenues. He favoured all conceivable services being brought under the service tax net and credit being allowed across all goods and services. At the same time, there should be a threshold limit for businesses to be brought within the purview of service tax, he said.
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