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of <h1>Budget 2003 Proposes Service Tax Hike to 8%; New Services Taxed, Hotel Exemptions Extended, Foreign Exchange Exemptions Withdrawn.</h1> The circular addresses proposals in the Budget 2003 related to service tax. The service tax rate is proposed to increase from 5% to 8%, with new services such as vocational institutes, technical testing, maintenance, and business support services being taxed. Exemptions for hotels are extended, while exemptions for payments in convertible foreign exchange are withdrawn. Amendments to the Finance Act, 1994, require service receivers in Goods Transport Operators and Clearing and Forwarding services to file returns. Legal backing is provided for exemptions for certain small-scale industries and trading companies. Commissioners are advised to inform potential assessees about the service tax scheme.
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