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of <h1>India Introduces New Accounting Code for Service Tax Payments Under Negative List Approach, Effective July 1, 2012.</h1> The circular issued by the Government of India's Ministry of Finance outlines the implementation of a new accounting code for service tax payments under the Negative List approach, effective from July 1, 2012. A new Minor Head, 'All taxable Services,' has been introduced under the Major Head '0044-Service Tax,' with specific accounting codes for tax collection, other receipts, penalties, and refund deductions. Service-specific codes will continue for past periods. The circular instructs the issuance of Trade Notices to inform field formations and taxpayers, with a note that certain sub-heads are designated for specific uses by the Revenue/Commissionerates.
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