Chamber's plea on service tax

A Srinivas Rao, president, Kanara Chamber of Commerce and Industry, in a memorandum to Union finance minister P Chidambaram has appealed for 'status quo ante' on the payment of service tax i.e. by 25th of the succeeding month.

As per the new directive of the government effective from April 1, the service tax must be remitted by the 5th of the succeeding month.

"This is likely to cause a lot of inconvenience to traders and industrialists," he has said and urged the finance minister to reinstate the earlier system of payment of service tax by the 25th of the succeeding month.