E-payment must for excise, service tax of Rs 1 lakh
November, 28th 2013
Assessees paying excise duty and service tax of Rs 1 lakh will have to mandatorily pay the levies electronically with effect from January.
The earlier ceiling for mandatory e-filing was Rs 10 lakh.
"From January 1, 2014, a manufacturer or a Service Tax payer who has paid a duty or tax of more than Rs 1 lakh in the previous financial year shall be required to pay duty or tax through Internet banking," the Finance Ministry said.
The step will help trade facilitation and it is expected that increased coverage of e-payment will make it convenient for the trade to pay taxes, the ministry added.