SERVICE TAX RULES TO CONVERGE FROM JUNE

The Central Board of Excise and Customs (CBEC) is expected to release two circulars mentioning details of all the 100 services under the service tax net and related procedures in a simplified manner by mid-June. The comprehensive circulars will replace all the present circulars. One circular will describe the scope of services while the other will explain the procedures. The new circulars are in final stages and will be issued by mid-June. CBEC has already withdrawn 48 circulars that have no relevance. Despite this there are 120-130 circulars.