Service Tax expansion: new service categories and corporate banking providers now liable under widened tax net. Budget 2002-2003 proposals rationalise indirect tax structure: excise rates moved toward 16% CENVAT with specific items reclassified, textile levies restructured (12% on processed fabrics and garments, withdrawal of certain exemptions, abolition of optional compounded levy), narrowed permitted power use for hand-processed fabrics, petroleum duty composition revised and regional concessions for North East refineries; customs peak rate set at 30% with targeted duty adjustments, Transfer of Residence limits increased and exemption-clarifying powers expanded; service tax coverage widened to multiple new services and corporate banking providers, with obligations on commissioners to identify assessees and submit price data under prescribed formats.
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Service Tax expansion: new service categories and corporate banking providers now liable under widened tax net.
Budget 2002-2003 proposals rationalise indirect tax structure: excise rates moved toward 16% CENVAT with specific items reclassified, textile levies restructured (12% on processed fabrics and garments, withdrawal of certain exemptions, abolition of optional compounded levy), narrowed permitted power use for hand-processed fabrics, petroleum duty composition revised and regional concessions for North East refineries; customs peak rate set at 30% with targeted duty adjustments, Transfer of Residence limits increased and exemption-clarifying powers expanded; service tax coverage widened to multiple new services and corporate banking providers, with obligations on commissioners to identify assessees and submit price data under prescribed formats.
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