Wednesday, Nov 24, 2004
Wednesday, Nov 24, 2004 |
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Advts: Classifieds | Employment | Tamil Nadu
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Tiruchi
By Our Staff Reporter
TIRUCHI, NOV. 23. The Tiruchi District Chamber of Commerce has appealed to the Union Minister for Finance, P. Chidambaram, to restructure service tax, lowering it to the rate of five per cent for all services. The current flat rate of 10 per cent on the value of taxable services and the two per cent education cess on the tax is too high and has adversely affected businessmen, the Chamber president, L. Gnanaraj, said in a memorandum submitted to the Minister. With the scope of service tax being enlarged to cover 70 services, a large number of businessmen have been hit. The Chamber said that the service tax levied on essential services such as telephone, telegram, telex, banking and financial services had directly affected the public. Since all these services were already charged, the introduction of the service charge made it more taxing. It also appealed to the Minister to exempt meeting halls of service organisations from service tax. Taxes levied on small and petty services such as "pandal," shamiyana, maintenance and repair, outdoor catering service, commercial vocational institutes, coaching centres and private tutorials had seriously affected self-employed investors and service providers, the Chamber said. It demanded an exemption from the levy for service providers, whose annual turnover was below Rs. five lakhs. It also pointed out that such a structure was already in vogue for income and sales tax.
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