23rd November, 2012
Accounting codes for payment of service tax, interest and penalty have been changed. Descriptions as provided for earlier in the positive list scenario have been restored and made applicable to the new negative list regime also. Field formations under the Central Board of Excise & Customs had sought such restoration and is meant for the purpose of collection of statistics.
A list of 120 service descriptions for the purpose of registration, and accounting codes corresponding to each such description for payment of tax, interest and penalty, have been provided in the latest C.B.E.C. Circular No. 165/16/2012-ST, dated 20-11-2012. Accounting codes for deduction of refunds by the department are also provided. The list contains 119 entries relating to services which were already covered under the service tax net before 1st of July, 2012 while Sl. No. 120 deals with services other than those covered under the said 119 serial numbers.
A new taxpayer has to select relevant description from such list while obtaining registration. Assessees who have already registered themselves under “all taxable services”, after the introduction of the negative list, are now required to file online application in ACES for amendment and opt for the relevant description from this list. Registration obtained under the erstwhile positive list approach will continue to be valid.
Accounting codes for payment of service tax, interest and penalty have been changed. Descriptions as provided for earlier in the positive list scenario have been restored and made applicable to the new negative list regime also. Field formations under the Central Board of Excise & Customs had sought such restoration and is meant for the purpose of collection of statistics.
A list of 120 service descriptions for the purpose of registration, and accounting codes corresponding to each such description for payment of tax, interest and penalty, have been provided in the latest C.B.E.C. Circular No. 165/16/2012-ST, dated 20-11-2012. Accounting codes for deduction of refunds by the department are also provided. The list contains 119 entries relating to services which were already covered under the service tax net before 1st of July, 2012 while Sl. No. 120 deals with services other than those covered under the said 119 serial numbers.
A new taxpayer has to select relevant description from such list while obtaining registration. Assessees who have already registered themselves under “all taxable services”, after the introduction of the negative list, are now required to file online application in ACES for amendment and opt for the relevant description from this list. Registration obtained under the erstwhile positive list approach will continue to be valid.