The Construction Federation of India has sought service tax exemption for development of power projects, on the lines of other infrastructural works in the upcoming Budget.
“Service Tax exemption should be extended to development of infrastructure power generation, transmission and distribution projects,” CFI said in a pre-Budget memorandum to the Finance Ministry.
This, it said, would also reduce the cost of power generation, as power producers are not entitled to credits on taxes paid on procurements.
As of now, these exemptions are granted on development of infrastructure projects, including roads, railways, airport, transport terminals and bridges among others.
CFI representation also sought exemption in service tax for services and goods exported to Nepal and Bhutan under project bonds financed by UN Agencies and Asian Development Bank.
Do you think CBDT should extend Tax Audit Report and relevant ITR Due Date? Please Comment, Vote, Retweet and Like.— Tax Guru (@taxguru_in) September 18, 2018