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Service tax revenue to be flat in 2009-10
India's service tax revenue is estimated to be flat at Rs.65,000 crore ($13.4 billion) this fiscal, Finance Minister Pranab Mukherjee said Monday while presenting the budget for 2009-10 in the Lok Sabha.
The revised estimates of the service tax revenue for 2008-09 stands at Rs.65,000, while the government earned Rs.51,301 crore from the tax in 2007-08.
While Mukherjee brought the law firms/lawyers offering advice to non-individuals under the service tax net, relief has been provided to exporters.
The tax was first introduced in 1994-95 by the then finance minister Manmohan Singh on three services - telephone, general insurance and stock broking.
Over the years, not only the tax ambit, but also the tax also went up, helping the government fetch handsome revenues.
Last updated on Jul 6th, 2009 at 17:56 pm IST--IANS
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