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Monday, October 8, 2012

Payment of Service Tax Under New Accounting Code Only





Source; Tax Guru
Service tax payer who is liable to pay Service Tax monthly & quarterly should pay Service Tax under New Category & Code only.

As you are aware, Negative List based comprehensive approach to taxation of services has came into effect from the 1st July, 2012 and accordingly now for payment of Service Tax a new Minor Head – All Taxable Services has been allotted under the Major Head “0044-Service Tax”.

A new Accounting code for the purpose of payment of service tax under the Negative List approach, with effect from 1st July, 2012 is as follows:
Name of Services
Accounting codes
Tax collection
Other Receipts
Penalties
Deduct refunds
All Taxable Services
00441089
00441090
00441093
00441094
Primary Education Cess on all taxable services will be booked under 00440298
Secondary and Higher Education Cess on all taxable services will be booked under 00440426
 NOTE:-
1. All Payment of service tax For the Period starting from 01.07.2012 is required to be made under above code only irrespective of the category of service.

2. However Service specific accounting codes will also continue to operate, side by side, for payment of service tax pertaining to the past period (for the period prior to 1st July, 2012).


Payment of Service Tax Under New Accounting Code Only

Service tax payer who is liable to pay Service Tax monthly & quarterly should pay Service Tax under New Category & Code only.

As you are aware, Negative List based comprehensive approach to taxation of services has came into effect from the 1st July, 2012 and accordingly now for payment of Service Tax a new Minor Head – ‘All Taxable Services’ has been allotted under the Major Head “0044-Service Tax”.


 NOTE:-

1. All Payment of service tax For the Period starting from 01.07.2012 is required to be made under above code only irrespective of the category of service.

2. However Service specific accounting codes will also continue to operate, side by side, for payment of service tax pertaining to the past period (for the period prior to 1st July, 2012).




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