New Accounting Code

[Mridul Sethi]

Sir,

Pls let me clear that new service tax accounting code 00441089 under the negative list approach is related to all services(i.e.old + new) or it is related to only new services & the old specific service code will exist.

 

Regards,

Mridul Sethi

AI Summary

New service tax code 00441089 applies to services from July 1, 2012; older services retain previous codes. A user inquired about the applicability of the new service tax accounting code 00441089 under the negative list approach, questioning whether it applies to both old and new services or only new ones. The response clarified that service-specific accounting codes will continue for services prior to July 1, 2012. From that date onward, the new accounting code will be used. Additionally, details regarding the booking of Primary and Secondary Education Cess and the use of sub-heads for penalties and refunds were provided, as outlined in Circular No. 161-ST/06-7-2012.