<p>“It is strongly recommended that the rate of service tax be aligned to that of the CVD to avoid structural anomalies,” the Manufacturers’ Association for Information Technology (MAIT) said in a statement Wednesday. <br />Currently, the Service tax is pegged at 10 per cent while the rate of CVD is 8 per cent.<br />“MAIT members have unanimously and repeatedly emphasised that a long-term, holistic fiscal policy framework is needed to encourage deepening of manufacturing and to give a much needed fillip to the IT hardware industry in India,” MAIT Executive Director Vinnie Mehta said in the statement. <br />“Continuation of the existing 8 per cent CVD on all IT products, across the value-chain, should, therefore, be seen in this light,” Mehta added.</p>
<p>“It is strongly recommended that the rate of service tax be aligned to that of the CVD to avoid structural anomalies,” the Manufacturers’ Association for Information Technology (MAIT) said in a statement Wednesday. <br />Currently, the Service tax is pegged at 10 per cent while the rate of CVD is 8 per cent.<br />“MAIT members have unanimously and repeatedly emphasised that a long-term, holistic fiscal policy framework is needed to encourage deepening of manufacturing and to give a much needed fillip to the IT hardware industry in India,” MAIT Executive Director Vinnie Mehta said in the statement. <br />“Continuation of the existing 8 per cent CVD on all IT products, across the value-chain, should, therefore, be seen in this light,” Mehta added.</p>