Service tax deposit as negative list basis

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deepak khandelwal (Querist)
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20 November 2012 I have registered my firm as management consultany firm in the year 2009. i am paying service tax as per this code till now. i want to now whether this is right or i have to pay as per negative list. What is the procedures for this and return for July to Ocober

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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20 November 2012 From 1.7.2012 new accounting codes for deposit of service tax have been issued. Accordingly service tax has to be deposited in the new codes only.

The form for filing the return for the period July to October is yet to be specified by CBEC.

deepak khandelwal

deepak khandelwal (Querist)
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20 November 2012 But i studied the circular, in that there is paragraph naming "Note" in which it is stated that "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."

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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20 November 2012 Service tax for the period upto 30th June, 2012 has to be deposited in the old accounting codes.

Service tax for the period commencing on 1st July, 2012 has to be deposited in the new accounting codes.

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