Service Tax - Most important tax in World
PAKISTAN Tax Bar Association Academy Chairman Abdul Qadir Memon says that service tax has emerged as one of the most important tax throughout the world, not only in terms of total tax revenues for the exchequer but also as a control and monitoring tool for the ever-expanding services sector. He said that India introduced the law of Service Tax vide Finance Bill 1994 and today it's collecting approximately 1.50 lakh crores annually. India through the Finance Act, 2012 has brought a new definition for the "Service", whereby all services rendered are taxable except those listed in "negative list"