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Tax on new services likely to fetch Rs 2,000 cr
March, 07th 2007
The extension of service tax to cover rentals on commercial properties, as proposed in Budget 2007-08, is expected to rake in a tidy sum for the Government.

In all, the Finance Ministry expects the new services to yield revenues of about Rs 2,000 crore in fiscal 2007-08.

A Finance Ministry official, however, said that it would be difficult to provide an exact break-up of the expected service tax revenues from each of the new services.

This is because of the Cenvat credit facility, which allows cross-utilisation of credit between service tax and excise duty.

The Centre has budgeted service tax revenues of Rs 50,200 crore during fiscal 2007-08, which is about 31.52 per cent increase over the revised estimates of Rs 38,169 crore for 2006-07.

"We expect the existing services to give us 25 per cent additional revenues and the rest from new services. Our overall budgeted increase is about 30 per cent. This is just a rough calculation," the official said.

The services that have been brought under the service tax net in Budget 2007-08 include services outsourced for mining of mineral, oil or gas; services provided in relation to renting of immovable property (other than residential properties and vacant land) for use in the course of business or commerce; services provided in relation to the execution of works contract; asset management services and design services.

 
 
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