Electronic payment requirement mandates electronic remittance of service tax for high value assessees to streamline collection and reduce compliance costs. Electronic payment of service tax is made mandatory for specified high-value assessees who meet the threshold in the preceding or current financial year, requiring electronic remittance from the effective date. The amendment advances an IT-driven policy to improve collection efficiency, reduce human interface and compliance cost, and relies on designated banks and administrative assistance to facilitate transition; lower-value assessees are encouraged to adopt electronic payment.
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Provisions expressly mentioned in the judgment/order text.
Electronic payment requirement mandates electronic remittance of service tax for high value assessees to streamline collection and reduce compliance costs.
Electronic payment of service tax is made mandatory for specified high-value assessees who meet the threshold in the preceding or current financial year, requiring electronic remittance from the effective date. The amendment advances an IT-driven policy to improve collection efficiency, reduce human interface and compliance cost, and relies on designated banks and administrative assistance to facilitate transition; lower-value assessees are encouraged to adopt electronic payment.
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