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| « State Bank leads tax remittance chart again... | MNCs may get to sign advance pricing pacts... » |
Electronic tax payment from October for high value payers |
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| September, 23rd 2006 |
| High value service tax payers will have to compulsorily file their tax in the electronic format, from October 1. In a notification issued today, the government has made electronic mode of payment of service tax obligatory for those, who have paid Rs 50 lakh or more as service tax during the last financial year or whose payment of service tax has exceeded Rs 50 lakh during the current financial year.
The notification says this is in consonance with the governments policy to increasingly use information technology to improve the operational efficiency of collection of taxes and to reduce the transaction cost.
Electronic payment of service tax is a simple, transparent, efficient and economic way of payment of tax. This will reduce human interface and compliance cost, the notification says.
Currently, 24 designated banks have been enabled for electronic payment. Field officers and banks have been advised to contact the service tax assessees and extend all necessary assistance to make the transition smooth and successful.
Service Tax Commissionerates have also been organising Interactive Programmes, for the benefit of the assessees, in co-ordination with the bankers and the officers of the principal chief controller of accounts.
The government has also said other service tax assessees who are below the threshold limit are also being encouraged to make payment of service tax electronically.
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