Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: TDS :: VAT Audit :: empanelment :: cpt :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: form 3cd :: VAT RATES
« Service Tax »
 Income tax returns (ITR) filing: Not filed returns for 2 years? Beware! Deadline nearing
 All you want to know about HRA: When you can claim and how it is calculated?
 Income Tax Saving: 6 ways to save tax without investing before March 31 tax deadline
 Unnable to file your tax return? Take help of these portals
 Do you know which 80C instruments can help you save tax and carry no future tax liability?
 E-way relief, for now, to e-commerce, courier firms sending small orders
 Where to invest for saving more on taxes
 A simpler GST can become a registry of all invoices, says iSPIRT’s Sharad Sharma
  Income Tax department may defend CPC in returns fraud case
 One GST rate not possible, next reform after compliance improves,
  Communication to the Central Excise/Service Tax Taxpayers on migration to GST

Monthly return for those who pay Rs 25 lakh in service tax
October, 08th 2012

Those paying more than Rs 25 lakh in service tax will soon have to file their returns every month instead of once in six months.

Besides facilitating better audit, this move will give the government monthly data on service tax collections. This will also be a step towards harmonisation of service tax and central excise as the government looks at implementing the Goods and Services Tax (GST) after reaching a consensus with states.

The breather for service tax payers is that it will be a one-page form, a welcome relief from the 15-page format currently for both excise duty and service tax, being planned with an eye on a rollout of the proposed GST.
The Central Board of Excise & Customs (CBEC) is looking into the matter and the new form might be notified this month itself, said finance ministry officials.

The common return for central excise and service tax, EST-1, will be a significant reduction from 15 pages of two separate returns at present. The logic behind changing the periodicity of filing service tax returns to monthly is to coincide the cycles for payment of the tax and filing of returns. Assessees who paid tax of Rs 25 lakh or more in the previous year and new assessees other than individuals and firms will have to file the returns on a monthly basis, while the rest will do it on a quarterly basis.

Filing of excise duty returns depend on whether the unit concerned is located in export-oriented units and also on various thresholds for the firms.

Earlier, the ministry was planning to obviate the need for mentioning the taxable service in the form, as it announced moving to the negative list for taxation of services from July 1, 2012. In the negative list, all services barring a small list are taxable.

However, the CBEC is now planning to seek such details in the return form to get sector-wise break-up of service tax collections.

No more will the most often-asked questionwhich taxable service is being provided? be relevant; no more will an exporter be asked whether an input service has been used in export to claim a Cenvat refund; and no more will a host of questions confront a tax-payer filing his new one page return, the CBEC had said earlier.

With introduction of the negative list from July 1, the finance ministry prescribed a new accounting code for tax payment for all services, replacing the earlier 119 codes. Instead of the earlier system of a separate code for each service, all service taxpayers now have to pay under a single code.

The revenue department later realised that because of a single code, it was not getting information on the sector-wise break-up of what was paid. The issue was raised by chief commissioners and directors-general of service tax at a meeting with Finance Minister P Chidambaram last month. They said it was impossible for them to track service tax payments by sector, due to the single accounting code, and wanted the earlier codes be restored in the negative list approach, too, said an official.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Portal Design Website Design Portal Designing Website Designing Web Design Professional Portal Design Professional Website Design Professional Web Design Portal Design India Website Design India Portal Designing India Website Designing India Web Design India Professional Portal Design India Professional Website Design India Chicago Professional Web Design New York Professional Web Design California Website Design Florida Website Design New Jersey Website Design Britain UK Website Design London Manchester Website Design

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions