ajustment in service tax
This query is : Resolved
Shashi Shekhar
(Querist)
23 September 2009
WHAT ARE THE PROVISIONS FOR ADJUSTMENT IN SERVICE TAX, PLEASE EXPLAIN IN SIMPLE LANGUAGE.
Ram Avtar Singh
(Expert)
24 September 2009
(VI) Changes in the Service Tax Rules, 1994:
(1) Rule 6 is being amended to insert sub-rule (1A) to extend the facility to pay service
tax in advance to all taxable persons. Service tax paid in advance is allowed to be self-adjusted
towards service tax liable to be paid for the subsequent period;
(2) Rule 6(4B)(iii) is being amended to allow self-adjustment of excess service tax
paid upto Rs.1 lakh for a relevant month or quarter, as the case may be, instead of the
earlier limit of Rs.50,000;
(3) Rule 7B is being amended to allow an assessee to rectify mistakes and file revised
return within 90 days, instead of the earlier limit of 60 days, from the due date for filing
of original return;
(4) Rule 7C is being amended to empower the Central Excise Officer to reduce or
waive the penalty for delayed filing of return, where the gross amount of service tax
payable is nil.
[refer notification No.4/2008-Service Tax, dated 01.03.2008]
The above changes will come into effect from 1st March 2008.
(1) Rule 6 is being amended to insert sub-rule (1A) to extend the facility to pay service
tax in advance to all taxable persons. Service tax paid in advance is allowed to be self-adjusted
towards service tax liable to be paid for the subsequent period;
(2) Rule 6(4B)(iii) is being amended to allow self-adjustment of excess service tax
paid upto Rs.1 lakh for a relevant month or quarter, as the case may be, instead of the
earlier limit of Rs.50,000;
(3) Rule 7B is being amended to allow an assessee to rectify mistakes and file revised
return within 90 days, instead of the earlier limit of 60 days, from the due date for filing
of original return;
(4) Rule 7C is being amended to empower the Central Excise Officer to reduce or
waive the penalty for delayed filing of return, where the gross amount of service tax
payable is nil.
[refer notification No.4/2008-Service Tax, dated 01.03.2008]
The above changes will come into effect from 1st March 2008.
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