Indirect Taxes Committee of ICAI Invites Suggestions on Common Code for Central Excise and Service Tax
Central Board of Excise and Customs has set up a Study Group under the Chairmanship of Shri M.K. Gupta (Retd. Vice Chairman, Settlement Commission) to examine the feasibility of a Common Tax Code for service tax and central excise to harmonize the two legislations as much as possible. The Common Tax Code will pave the way for central goods and service tax law.
The Group has the following terms of reference:
The Board has sought comments/feedback from all the stakeholders on the Common Code for Central Excise and Service Tax. The letter issued by the Board is available at http://cbec.gov.in/rhs-misc/open_communique-ctc.htm.
Considering that the Common Code for Central Excise and Service Tax would be implemented under the present Constitutional scheme, the focus would be more on harmonization of procedural provisions of both the laws and streamlining the input tax credits. For instance, procedures like registration, return filing etc. could be unified for both the indirect taxes.
Members are requested to examine/analyze these aspects and send their suggestions on the possible issues which they foresee would emanate when the common code would be implemented. Further, they are also requested to send in their suggestions/comments on the ways to make the Common Code a simple, transparent and assessee friendly tax legislation.
The suggestions/comments may be sent at firstname.lastname@example.org latest by 22nd May, 2012.
The suggestions so received would be collated and considered by the Indirect Taxes Committee of ICAI and sent thereafter to the Central Board of Excise and Customs.