Amends Service Tax Rules, 1994 - insertion of sub rule 4C- in relation to renting services - 028/2007 - Service Tax

Adjustment of service tax permitted where excess payments due to later property tax deduction may be adjusted within one year.

Where service tax paid on renting of immovable property exceeds the liability because property tax was not deducted from gross rent, the assessee may adjust such excess amount against service tax liability within one year from payment of the property tax; details of the adjustment must be intimated to the Superintendent of Central Excise within fifteen days of the adjustment.