Sandeep Ahuja & Co.

Established in the year 1986, we are a leading chartered accountancy firm based in Delhi & NCR rendering comprehensive professional services which include statutory audit, internal audit, direct tax, transfer pricing, GST, bank audit, propriety audit, cost accounting, internal financial controls and risk advisory.

Wednesday, October 3, 2012

Service Tax Update


1)      Accounting Codes for Payment of Service Tax

ServiceTax Circular No. 161/12/2012 dated 6th July, 2012, has specified the Accounting Codes for the purpose of payment of Service Tax under the Negative List approach, with effect from 1st July, 2012.

The new Accounting Codes are as follows:
Name of Services
Accounting Codes
Tax Collection
Other Receipts*
Penalties**
Deduct refunds***
All Taxable Services
00441089
00441090
00441093
00441094
 
Primary Education Cess
S.H. Education Cess
00440298
00440426
It may be, however, noted that service specific accounting codes will also continue to operate, side by side, for accounting of service tax pertaining to the past period i.e. for the period prior to 1st July, 2012.

*The sub-head “other receipts” is meant only for payment of interest, etc. leviable on delayed payment of service tax.

**A new sub-head has been created for payment of “penalty”.

***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.

2)      Filing of ST-3 only for the period from 1st April, 2012 to 30th June, 2012

Due to increase in complexity of preparing half yearly Service Tax Return for the period from 1st April, 2012 to 30th September, 2012 because of applicability of the new Negative List Service Tax regime w.e.f. 1st July, 2012, the Service Tax Department has issued Instruction No. F. No. 137/22/2012 dated 28th September, 2012, according to which:

Assessees have to provide data only for the period 01.04.2012 to 30.06.2012 in the first half yearly return which is due on 25.10.2012. The data for the period from 01.07.2012 to 30.09.2012 should not be filed. Any data filed for the period from 01.07.2012 to 30.09.2012 will be rejected in the aforementioned return.

Data for the period 01.07.2012 to 30.09.2012 will have to be furnished in a return in a revised format. The revised format of the return and the last date for filing it will be indicated separately.

The same has also been mentioned vide Service Tax Notification No. 47/2012 dated 28thSeptember, 2012.

Statutory Compliance Calendar: October 2012

Date
Statutory Act
Applicable Form
Obligation
05/10/2012
Service Tax
Challan No.GAR-7
Payment of Service Tax for the month/quarter ended
September (6th for e- payment)
07/10/2012
Income Tax
Form No. 15G, 15H, 27C
Submission of forms received in September to IT Commissioner.
07/10/2012
Income Tax
Challan No.ITNS-281
Payment of TDS/TCS deducted/collected in September.

10/10/2012
Excise
ER-1
Return for Non SSI assessees for September.
10/10/2012
Excise
ER-6
Return by units paying duty >1 crore (CENVAT +PLA) for September.
10/10/2012
Excise
ER-2
Return for EOUs for September.
15/10/2012
Income Tax
Return No. 24Q, 26Q, 27Q & 27EQ
TDS returns for September Quarter for non- govt deductors & TCS Returns for all deductors.
15/10/2012
Provident Fund
Electronic Challan Cum Return(ECR)
E-Payment of PF for September (Cheques to be cleared by 20th)
20/10/2012
Excise
ER-3
Submission of return by SSI units for September quarter
21/10/2012
ESI
ESI Challan
Payment of ESI of September.
25/10/2012
Service- Tax
Return No. ST-3
Filling of Half Yearly Service Tax return.
30/10/2012
Income- Tax
Forum 16A/27D
Issue of Quarterly TDS/ TCS certificate for September Quarter.
30/10/2012
Company
XBRL
Balance Sheet in XBRL format.
31/10/2012
Income Tax
Return No. 24Q, 26Q, 27Q & 27EQ
TDS returns for September Quarter for Govt. deductors.
05/11/2012
Service Tax
Challan No.GAR-7
Payment of Service Tax for October by Companies (6th for e- payment)