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Tamil Nadu
Slash service tax, pleads chamber
By Our Special Correspondent
COIMBATORE,
JUNE 8.
The local chapter of the Indian Chamber of Commerce and Industry has appealed to the Central Government to reduce the service tax from 8 to 4 per cent to contain the rise in cost of various services.
In a pre-budget memorandum to the Union Finance Minister, P. Chidambaram, the president of the chamber, A. Sakthivel, said the Income Tax department was better equipped to handle service tax and not the Excise and Customs Department.
He said exporters should continue to get 100 per cent tax exemption on their earnings to prevent fall in exports or the foreign exchange reserves.
While advocating taxation of agricultural income that cross Rs. 1 lakh to improve revenue, he suggested that the minimum income tax slab should be refixed.
"The minimum should be Rs. 1 lakh while the maximum should be above for income exceeding Rs. 10 lakhs.''
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