Annual return

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Querist : Anonymous

Querist : Anonymous (Querist)

26 July 2016 Dear Sir,
Please enlighten me about the circular for the annual return of service tax.

Thanks in advance.

bharath

bharath (Expert)
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26 July 2016 Analysis of the Amendment:- Every assessee shall file an annual return in prescribed form. Government may exempt class of assessees who may not be required to submit annual return subject to conditions of limitations prescribed in the notification. It is pertinent to note that as per Notification no. 17/2006-C.E. (N.T.) dated 01.08.2006 as amended by Notification no. 42/2008-C.E. (N.T.), a Central Excise Assessee, who has paid duty of excise less than one hundred lakh rupees during the financial year to which Annual Financial Information Statement relates is exempted from filing the said statement in Form ER-4 that is required to be filed latest by 30th November of the succeeding year as per the provisions of Rule 12(2)(a) of the Central Excise Rules, 2002. Accordingly, it may be hoped that similar exemption is provided to service tax assessees based on the quantum of service tax paid in a financial year. However, as the small scale exemption limit in excise is much higher than that prevalent in service tax, there is possibility that the limit of service tax payment may be specified on lower side.The last date for filing of annual return is 30th November of the succeeding financial year with the option to revise the return within one month from the date of filing of original return. The provision enabling revision of return is welcomed.Late filing of annual return will invite late fees at the rate of Rs. 100/- per day during the period of delay subject to maximum of Rs. 20,000/-

Querist : Anonymous

Querist : Anonymous (Querist)

26 July 2016 From which financial year it is being mandatory to file service tax annual return and what is the name of form prescribed for annual return?