Service Tax Revenue to overtake Customs and Excise Next Year
SERVICE TAX appeared on the Indian Taxation scene in 1994 - a good fifty years after the Central Excise Act in 1944. What started as a modest appendage to the Customs and Excise duties has now become almost equal to them in the amount of revenue collected. The Government hopes to collect more Service Tax than each of the Customs and Excise duties in the next fiscal. As per the Finance Bill presented by PC on Monday the Budget estimates for 2014-15 are as follows:
1. Customs Rs. 2,01,314 Crores
2. Central Excise Rs. 1,99,831 Crores
3. Service Tax Rs. 2,15,478 Crores
Government hopes to collect Rs. 1,64,927 Crores as Service Tax in this fiscal.
Now, is there any justification for calling the Board as Central Board of Excise and Customs?