AMENDMENTS IN THE SERVICE TAX RULES, 1994,

HELLO FRIENDS,,,,,

THIS POST IS VERY IMPORTANT FOR THE STUDENTS WHO WRITING EXAMS IN NOV 2010

AMENDMENTS IN THE SERVICE TAX RULES, 1994

(1)--- QUANTUM OF SERVICE TAX REDUCED  FOR E-PAYMENT FROM RS. 50 LAKH TO RS. 10 LAKH

                                                    ( NOTIFICATION NO. 01/2010-ST DATED 19.02.2010)

                 Proviso to rule 6(2) has been amended to provide that an assessee shall deposit the service tax electronically through internet banking if he has paid the total service tax of Rs. 10 lakh or more ( including the amount of service tax paid by utilisation of CENVAT credit ) in the preceding financial year.

(2)--- E-FILING OF RETURNS MADE MANDATORY FOR ASSESSEES PAYING SERVICE TAX OF RS. 10 LAKH OR MORE IN THE PREVIOUS YEAR......

                                                      (NOTIFICATION NO. 01/2010-ST DATED 19.02.2010)

                 The facility of e-filing of returns was earlier optional for the assessees.  proviso inserted to rule 7(2) has now made the electronic filing of returns mandatory for the assessee who has paid total service tax of Rs, 10 lakhs or more including the amount of service tax paid by utilization of CENVAT credit in the preceding financial year.

BEST OF LUCK MY DEAR FRIENDS