URGENT QUERY....

[Guest]

Sir,

I am Sanish K.S from Cochin, Kerala working in a Pvt Ltd Firm at Cochin. Our Companies service tax liability is lessthan 25 lacks in previous year. We are paying E-payment in monthly and submit return half yearly. Is there any changes in monthly payment and half yearly return in Finance budget 2012. Please give me a reply. My cell no is 9846165202. Email id : [email protected]

Regards

Sanish (Cochin.)

[Mahir S]

There are no such changes in respect to your query and you are therefore required to carry out the procedure as in the past.

However, below Changes will come into force after inviting public comments :-

• A common simplified registration format for Central Excise and Service Tax.
• one page common return with Central Excise: to be called Excise & Service Tax Return (EST for short). 
• The tax payment requirement is proposed to be revised as follows:

A.       Assessees   who   paid   tax   of   Rs   25   lakh   or   more   in   previous   year   and   new assessees other than individuals and firms: Monthly

       B.   Others: Quarterly.

Hope the matter is now clear  to your urgent query by the urgent reply.. :))

 

.

AI Summary

Service tax payment frequency restructured: proposed common registration and combined return, larger assessees pay monthly, others quarterly. There are no immediate changes to existing monthly e payment and half yearly return procedures; proposed reforms (subject to public consultation) would introduce a common simplified registration format, a one page combined Excise & Service Tax Return (EST), and revise payment frequency so larger or certain new non individual/non firm assessees pay monthly while other assessees pay quarterly.