COSIA seeks service tax exemption limit of Rs 25 lakh
Updated: Jun 16, 2014 12:43:55pm
Thane, Jun 16 (KNN) In view of the fact that the threshold limit of Rs 10 lakh in service tax has been prevailing for more than five years, the Chamber of Small Industry Associations (COSIA) has asked Finance Minister, Arun Jaitley to relax the ceiling for exemption in service tax to Rs 25 lakh.
The national chamber for micro, small and medium enterprises, COSIA last week made a representation to the Finance Ministry in this regard.
Apart from seeking increase in threshold limit to Rs 25 lakh, in view of the inflation, COSIA has also asked for threshold limit for excise duty to be also raised to Rs 3 crore, making a representation to this effect to the Tax Research Unit (TRU).
The Association has also suggested that there is a need for Regional Advisory Committee (RAC) for service tax as in the case for Central Excise.
"Since service tax issues are not considered in RAC for Central Excise, it will be proper that RAC for ST should be established on the same lines that of RAC for CE," Vice President of COSIA, Sandeep Parikh said at a pre-budget meeting.
Besides, the Association gave various suggestions relating to the Cenvat credit, proof of exports, SEZ facilities, processing of goods and accounting in service tax. As many as 15 suggestions were made to the ministry in the pre-budget meeting. (KNN/ES)
The national chamber for micro, small and medium enterprises, COSIA last week made a representation to the Finance Ministry in this regard.
Apart from seeking increase in threshold limit to Rs 25 lakh, in view of the inflation, COSIA has also asked for threshold limit for excise duty to be also raised to Rs 3 crore, making a representation to this effect to the Tax Research Unit (TRU).
The Association has also suggested that there is a need for Regional Advisory Committee (RAC) for service tax as in the case for Central Excise.
"Since service tax issues are not considered in RAC for Central Excise, it will be proper that RAC for ST should be established on the same lines that of RAC for CE," Vice President of COSIA, Sandeep Parikh said at a pre-budget meeting.
Besides, the Association gave various suggestions relating to the Cenvat credit, proof of exports, SEZ facilities, processing of goods and accounting in service tax. As many as 15 suggestions were made to the ministry in the pre-budget meeting. (KNN/ES)
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