ATM ops to be brought within service tax net
More services such as ATM operations are proposed to be brought within the service tax net.india Updated: Feb 28, 2006 14:24 IST
More services such as ATM operations are proposed to be brought within the service tax net.
Announcing this in Lok Sabha while presenting the Budget proposals for 2006-07, Finance Minister P Chidambaram said the new services to be covered also include maintenance and management, registrars, share transfer agents and bankers.
The other services to be brought within the service tax net include sale of space or time for advertisements other than in the print media, sponsorship of events by companies other than sports events, international air travel excluding economy class passengers, container services on rail excluding the railway freight charges, business support services, auctioneering, recovery agents, ship management services, travel on cruise ships and public relations management services.
The Finance Minister said in 2005-06, the services sector is estimated to contribute 54 per cent of GDP. Naturally, it should also contribute significantly to the exchequer, he said.