Saturday, August 4, 2012

SAME ACCOUNTING CODE FOR ALL SERVICES IN SERVICE TAX WEF 01.07.12


on Saturday, August 4, 2012

Update :Dated 20.11.2012: Old accounting code for 120 services restored and now use separate code for 120 services and common code for other services 

Accounting Code for payment of service tax under the Negative List approach to taxation of services, with effect from the first day of July 2012 - regarding.


Negative List based comprehensive approach to taxation of services came into effect from the first day of July, 2012. For payment of service tax under the new approach, a new Minor Head - ‘All taxable Services’ has been allotted under the Major Head “0044-Service Tax”.

2. Accounting codes for the purpose of payment of service tax under the Negative List approach, with effect from 1st July, 2012 is as follows:

Name of Services
Accounting codes
Tax collection
Other Receipts
Penalties
Deduct refunds
All Taxable Services
00441089
00441090
00441093
00441094

NOTE: (i) 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.

3. Trade Notice/Public Notice may be issued to the field formations and tax payers. Please acknowledge the receipt of this Circular. Hindi version follows.


Note: Please note that on e payment of service tax page you will found the new code Just at the end after education cess and higher education cess with heading.


ALL TAXABLE SERVICES - OTHER THAN IN THE NEGATIVE LIST (WITH EFFECT FROM 1ST JULY 2012)

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  1. We pay service tax on goods transport operator services & we use code no. 00440067 (Goods Transport Operators), 00440298 (Primary Education Cess) & 00440426 (Secondary Higher Edn. Cess). I want to know there is any change in above service tax code or not. Please guide me.

    ReplyDelete
    Replies
    1. yes as given above ,after 01.07.2012 you should use 00441089 instead of 00440067 .

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    2. Sir, Do you have any notification about these changes. Please give me the link to take it for future reference.

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    3. & Please guide me, i think there is no changes in code of primary education cess and secondary higher edn cess.

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    4. The above text is copied from Circular No.161/12/2012 ST F.No.341/21/2012-TRU dt 06/07/2012 . Further no change in education cess or secondary cess code.

      official link is here

      http://www.servicetax.gov.in/circular/st-circular12/st-circ-161-2012.htm

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  2. We pay service tax on goods transport ,Bus. Axilary,Errection & Com.& Mantinance repair.
    we want another service Man power.
    so ques.is we do ammendment ON ACES A/C.
    it has any need this.

    ReplyDelete
  3. We have to pay 75% service tax on Manpower, but while making the payment, have to take a seperate code for Manpower, before making the payment

    ReplyDelete
  4. What is the code for intrest payment of education cess and higher education cess

    ReplyDelete
    Replies
    1. INTEREST PAYMENT 00441090
      PRIMARY EDUCATION CESS 00440298
      SECONDARY AND HIGHER EDUCATION CESS 00440426

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  5. WE HAVE PAID SERVICE TAX IN OLD ACCOUNTING CODE FOR JULY TO SEPTEMBER 2012 MONTH. WHAT CAN BE DONE TO RECTIFY THIS?

    ReplyDelete
    Replies
    1. nothing is required as old accounting codes has been restored

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  6. how to register for service tax payable under reverse charge

    ReplyDelete
  7. is there any accounting code for service receiptant to make service tax payment i.e. 75% for man power agencies (security charges)

    ReplyDelete