Service Tax Norms To Be Simplified By Mid-June

New Delhi: The revenue department is hoped to release two circulars mentioning details of all 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 and will enable tax-payers to access required information in a detailed and simplified manner, Central Board of Excise and Customs (CBEC) said. 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 after clearance by Finance Minister P Chidambaram. The CBEC has already withdrawn 48 circulars that have no relevance. Despite this, there are 120-130 circulars. Seven new services admitted in the service tax net from June 1 this year were expected to fetch Rs 8,000-9,000 crore this fiscal.