Trade Notice No.09/2012 – Service Tax/SH
Dated Shillong the 12th July , 2012.
Subject: Accounting Code for payment of service tax under the Negative List approach to taxation of services, with effect from the first day of July 2012 - regarding.
Attention of the members of Trade, Industry and all others concerned are hereby invited to this trade Notice No 09/2012-Service Tax/SH and also Board’s Circular No. 161/12/2012-ST, Dated: July 6, 2012 issued under F.No.341/21/2012-TRU.
Negative List based comprehensive approach to taxation of services came into effect from the first day of July, 2012. For payment of service tax under the new approach, a new Minor Head - ‘All taxable Services’ has been allotted under the Major Head “0044-Service Tax”.
2. Accounting codes for the purpose of payment of service tax under the Negative List approach, with effect from 1st July, 2012 is as follows:
NOTE: (i) Service specific accounting codes will also continue to operate, side by side, for accounting of service tax pertaining to the past period (meaning, for the period prior to 1st July, 2012); (ii) Primary Education Cess on all taxable services will be booked under 00440298 and Secondary and Higher Education Cess on all taxable services will be booked under 00440426; (iii) A new sub-head has been created for payment of “penalty”; the sub-head “other receipts” is meant only for payment of interest etc. leviable on delayed payment of service tax; (iv) The sub-head “deduct refunds” is not to be used by the assessees, as it is meant for use by the Revenue/Commissionerates while allowing refund of tax.
Hindi version will follow.
Board Circular No.161/12/2012-ST dated 06th July, 2012
Issued vide F.No.341/21/2012-TRU.
Disclaimer: Though care has been taken to reproduce the text in its original form, in case of any inadvertent mistake, the above mentioned circular may be referred to.