One Page Common Return for Central Excise and Service Tax Proposed

As a measure of harmonization between Central Excise and Service Tax, the Government has made a number of alignments. This was announced by the Finance Minister ShriPranab Mukherjee while presenting the Union Budget 2012-13 in LokSabha today.

These include a common simplified registration form and a common return for Central Excise and Service Tax, to be named EST-1. This common return will comprise only one page, which will be a significant reduction from the 15 pages of the two returns at present.

Source : Equity Bulls

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