'Global standards in Central Excise taxation needed'

Bangalore, Feb 23 (UNI) Central Excise and Service Tax Chief Commissioner (Bangalore) K S Nair today stressed the need to set global standards in collecting Central Excise in the context of India emerging as a major economic power.

In his keynote address at a workshop on 'Major Emerging Themes in Central Excise' here, he said India would in due course emerge as a leading global power with its booming economic growth, making it all the more essential to have world standards in Central Excise taxation.

Hindustan Aeronautics Limited Managing Director A K Saxena, in his inaugural address, said Central Excise was the biggest source of revenue for a country. The seminar was timely to discuss about finding better public-private partnership in widening the tax net.

''The collection of tax at large will help the country in promoting its overall economic development by taking up socio-economic and defence projects, promoting activities of science and technology, besides research and development,'' he said.

The Bangalore Chamber of Commerce and Industry organised the workshop on the eve of Central Excise Day.

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