Annual seminar on customs, Central excise and service tax inaugurated
Service tax sector to bring more income to the exchequer in the near futureUse of Tally software for maintenance of accounts, submission of returns stressedExhaustive account given on the Central Government's foreign trade policy Net-based knowledge for easy understanding and effective compliance with tax laws favoured
VISAKHAPATNAM: Former member of the Central Board of Excise and Customs B.V. Kumar has called for simplification of service tax provisionswhich were now very complicated.
Inaugurating the 14th annual seminar on customs, central excise and service tax, jointly organised by the Tax Law Research Group, Visakhapatnam and Taxinonline.com here on Saturday, he urged the authorities concerned to take steps in this regard.
Mr. Kumar, who earlier served as Director General of the Directorate of Revenue Intelligence and Director General, National Academy of Customs, Central Excise and Narcotics, explained the provisions of the Service Tax Law- relating to various services and the implications of various provisions of the law.
Editor-in-chief of Taxindiaonline.com K. Vijay Kumar, through a power-point presentation, focused on the various facets of indirect taxation and the importance of net-based knowledge for easy understanding and effective compliance of various tax laws.
While dealing extensively on case law and related provisions of different tax laws, he opined that the service tax sector would bring more income to the exchequer in the near future. Tax Law Research Group convenor G. Prabhakara Sastry who welcomed the gathering, dwelt on the changes that took place in the central excise law. He justified the imposition of excise duty on computers, and clarified that the same would be available as CENVAT credit for all the service providers.
Chartered accountant K.L. Narasimham in his address spoke on the salient features of accounting with special reference to indirect taxes and explained the use of Tally software for maintenance of accounts and submission of returns.
Appraiser-Customs J.M. Kishore gave an exhaustive account of the foreign trade policy as announced by the Commerce Ministry while Superintendent of Central Excise in Visakhapatnam R. Raghavendra Rao gave a detailed account of the latest instructions in the areas of Excise and Service Tax.