CBEC Implements Measures to Boost Trade: Integrated Cess, Faster Service Tax Registration, Extended CENVAT Credit, and More.
In efforts to enhance trade and ease of doing business, several measures have been implemented by CBEC. The Education Cess and Secondary Higher Education Cess on taxable services have been integrated into Service Tax. Service Tax registration is now processed within two days, and the CENVAT Credit time limit has been extended to one year. Digital signatures and electronic record-keeping are permitted, and prosecution can be withdrawn under certain conditions. Industry-specific measures include a uniform abatement for transport services and clarified exemptions for services to government entities. Additionally, works contracts have been standardized to reduce disputes.