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Service tax waiver limit may go up
February, 02nd 2007
The finance ministry is likely to raise the exemption limit for service tax from Rs 4 lakh to Rs 10 lakh in the forthcoming Budget. 
 
This will benefit a large number of individuals who provide taxable services like beauty enhancement at parlours. 
 
There has been a demand from experts to raise the limit in order to lower the cost of collecting the tax. 
 
Going by the 80:20 principle, where 80 per cent of revenues come from 20 per cent of tax-payers, such a move would lower the cost of administration and reduce the number of assessees by 40-50 per cent from the current 10 lakh, Ashok Dhingra, head of indirect taxation at Khaitan & Co, said. 
 
PricewaterhouseCoopers Executive Director S Madhavan expected the limit to be hiked from Rs 4 lakh to Rs 10 lakh in this years Budget. 
 
The other benefit of such a move would be less tax avoidance. Experts said the current limit encouraged people to misreport taxable income and resort to dealings in cash.
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