Rate of Service Tax + Cess 12.36% w.e.f 01-04-2012
The rate of service tax is being restored to the statutory rate of 12% - and Notification No. 8/2009-ST dated February 24, 2009 reducing the rate to 10% has been rescinded effective April 1, 2012.
Restoration of old Accounting Codes : Service Tax Assessees are now again required to deposit service tax under specific accounting codes for payment of service tax .
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise & Customs
Tax Research Unit
146-F, North Block,
New Delhi, 20th November, 2012
Chief Commissioners of Central Excise and Customs (All), Director General (Service Tax), Director General(Systems), Director General (Central Excise Intelligence), Director General (Audit),Commissioners of Service Tax (All), Commissioners of Central Excise (All), Commissioners of Central Excise and Customs (All)
Subject: Restoration of service specific accounting codes for payment of service tax - regarding.
Negative List based comprehensive approach to taxation of services came into effect from the first day of July, 2012. Accounting code for the purpose of payment of service tax under the Negative List approach [“All Taxable Services” – 00441089] was prescribed vide Circular 161/12/2012 dated 6th July, 2012.
2. Subsequent to the issuance of the Circular, suggestions were received from the field formations that the service specific old accounting codes should be restored, for the purpose of statistical analysis; also it was suggested that list of descriptions of services should be provided to the taxpayers for obtaining registration. These suggestions were examined and a decision has been taken to restore the service specific accounting codes. Accordingly, a list of 120 descriptions of services for the purpose of registration and accounting codes corresponding to each description of service for payment of tax is provided in the annexure to this Circular.
3. Descriptions of taxable services given in the annexure are solely for the purpose of statistical analysis. On the advice of the office of the C & AG, a specific sub-head has been created for payment of “penalty” under various descriptions of services. Henceforth, the sub-head “other receipts” is meant only for payment of interest payable on delayed payment of service tax. Accounting Codes under the sub-head “deduct refunds” is not to be used by the taxpayers, as it is meant for use by the field formations while allowing refund of tax.
4. Registrations obtained under the positive list approach continue to be valid. New taxpayers can obtain registrations by selecting the relevant description/s from among the list of 120 descriptions of services given in the Annexure. Where registrations have been obtained under the description ‘All Taxable Services’, the taxpayer should file amendment application online in ACES and opt for relevant description/s from the list of 120 descriptions of services given in the Annexure. If any applications for amendment of ST-1 are pending with field formations, seeking the description ‘all taxable services’, such amendment may not be necessary and the officers in the field formations may provide necessary guidance to the taxpayers in this regard. Directorate General of Systems will be making necessary arrangements for display of the list of 120 descriptions of services and their corresponding Accounting Codes in Form ST-1 and Form ST-2 as may be necessary.
5. Officers in the field formations are instructed to extend necessary guidance to the tax payers regarding the selection of appropriate description of taxable service and facilitate the payment of service tax/cess due under the appropriate accounting code. Trade Notice/Public Notice may be issued to the field formations and tax payers. Please acknowledge receipt of this Circular. Hindi version follows.
Click here > Annexure (nine pages)
SERVICE TAX RETURN : APRIL TO JUNE 2012
Modified version of the Service Tax Return (ST3) for the quarter Apr-Jun,2012 is now available for uploading to ACES.It is available in 'DOWNLOADS' section in www.aces.gov.in
Service tax return to be e-filed by 25-10-2012 to be for April-June 2012 quarter (not half year ended September). [Service tax (4th Amendment) Rules, 2012 of 28-09-2012].
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
NOTIFICATION No 47/2012-SERVICE TAX
New Delhi, the 28th September, 2012G.S.R (E).-In exercise of the powers conferred by sub-section(1) read with sub-section (2) of section 94 of the Finance Act 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994, namely:-
(1) These rules may be called the Service Tax(Fourth Amendment) Rules, 2012.
(2) They shall come into force on the date of their publication in the Official Gazette.
In the Service Tax Rules,1994, in rule 7, in sub-rule(2), the following proviso shall be inserted, namely:-
“Provided that the Form ‘ST-3’ required to be submitted by the 25th day of October, 2012 shall cover the period between 1st April to 30th June, 2012 only.”
NEGATIVE LIST OF SERVICES REVISED APPLICABLE FROM 01.07.2012
The service Tax Department has extended the Exempted services List and issued a new Amended list of Negative services vide notification 25/2012 dated 20.06.2012 in super session to old exemption list notified earlier vide notification 12/2012 . New 14 services has been added in the exempted category . The new notification is given below for your ready reference.
While releasing the Guidance Paper Hon'ble Finance Minister also announced some new exemptions as follows: (a) Service provided by advocates to other advocates and business entities upto a turnover of Rs. 10 lakh in the preceding financial year. (b) Exemption to firm of advocates on the same lines as individual advocates. (c) Auxiliary educational services and renting of immovable property provided by educational...
Finance Bill 2012 Enactment
The Finance Bill, 2012 has been enacted and has become Finance Act, 2012 w.e.f. 28.05.2012 ( Act No 23 of 2012 ) with president's assent and all statutory provisions have become applicable w.e.f. 28.05.2012 except the provisions of negative list which will be applicable after issuance of the Notifications which are expected around June 1, 2012.