Indian Tax Solution

Study Team set-up to examine the possibility of a Common Tax Code for Service Tax and Central Excise


Study Team set-up to

examine the possibility of a Common Tax Code for Service Tax and Central Excise



As announced by the Union

Finance Minister, Shri Pranab Mukherjee in his Budget speech, a Study Team has

been set-up by the Government, under the leadership of Shri. M. K. Gupta to

examine the possibility of a common tax code for service tax and central excise,

which could be adopted to harmonize the two legislations. Shri M K Gupta, a

retired IRS officer, is a former vice-Chairman of the Customs and Central Excise

Settlement Commission.

The Study Team will examine the feasibility and also suggest a draft Common Tax

Code for service tax and central excise that can be implemented under the

present Constitutional scheme, keeping in view the challenges in the context of

impending Goods and Service Tax (GST). The Study Team has also been directed to

address issues relating to input tax credits with a view to simplify the

existing scheme and to mitigate cascading to the extent possible, and to

harmonize existing procedures and processes to make them more trade-friendly.

The Study Team may also suggest any other measure that will help in reducing the

cost of compliance for business or transition towards a comprehensive GST.

Shri M K Gupta, IRS (retd.) is widely recognized for his in-depth knowledge and

sound understanding of service tax and central excise law and procedure. He

possesses vast experience of working in the Finance Ministry and also in the

field formations of service tax and central excise. As part of its efforts, the

Study Team will interact with various chambers of commerce and industry and

recognized business and industry associations representing various segments of

the services and manufacturing sector, as may be required. Government has

directed the Study Team to submit its report by the 30th of September,

2012.

PIB

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