New Service Tax Proposal to bring Rs.4000 Crore in 2011-12

Union Budget 2011-12 estimates to make net revenue gain of Rs.4000 crore for the year by way of new Service Tax proposals.

In keeping with thrust to encourage voluntary compliance, the penal provisions of Service Tax are under the process of rationalization. This will ensure less harsh treatment to those who have maintained truthful records but fallen short of discharging their tax liability.

Deliberate evaders with un-recorded business transactions will be dealt with more severely. This was stated by the Union Finance Minister, Shri Pranab Mukherjee here today in his Budget Speech in Lok Sabha today.

Source : Equity Bulls

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