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of <h1>Service Tax Rules Amended: Voluntary Advance Payment, Increased Penalty Threshold, Extended Return Filing Period, and Penalty Waivers Possible</h1> The Service Tax (Amendment) Rules, 2008, effective from March 1, 2008, introduce changes to the Service Tax Rules, 1994. Taxpayers can now voluntarily pay service tax in advance and adjust it against future liabilities, with a requirement to inform the jurisdictional Superintendent within 15 days. The amendment increases the penalty threshold from fifty thousand to one lakh rupees. It extends the period for filing revised returns from sixty to ninety days. Additionally, if no service tax is payable, penalties for not filing returns can be reduced or waived by the Central Excise officer if justified.
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