Changes Made in Service Tax - Procedural Changes - Through Finance Bill

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....hanges Made in Service Tax - Procedural Changes - Through Finance Bill <br>News and Press Release<br>Dated:- 4-3-2008<br><BR>Sr.No. Changes Effective Date 1 Section 67 - Amendment - Valuation 'book adjustment, and any amount credited or debited, as the case may be, to any account, whether called "Suspense account" or by any other name, in the books of account of a person liable to pay servic....

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....e tax, where the transaction of taxable service is with any associated enterprise.'; Date of enactment of Finance Bill, 2008 2 New Section 71 - Scheme for submission of Returns through Service Tax Preparers -do- 3 New Section 72 - Best Judgment Assessment can be made if: - assessee fails to file the return - having made a return, fails to assess the tax in accordance -do- 4 Section 7....

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....7 - Amendment - Penalty (A) Failure to Get Registered Minimum Rs. 5000/- Or Rs. 200/- per day, whichever is higher Maximum - No limit (B) Fails to keep, maintain or retain books of account Maximum Rs. 5000/- (C) Furnish information or Produce Document or Appeal before officer against summon Minimum Rs. 5000/-Or Rs. 200/- per day, whichever is higher Maximum - No limit (D) Fails to make payment....

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.... electronically Maximum Rs. 5000/- (E) Failure related to Invoice Maximum Rs. 5000/- (F) Residual Penalty Maximum Rs. 5000/- -do- 6 Section 78 - Amendment - Penalty When a penalty is levied u/s 78 no penalty would be levied u/s 76 -do- 7 Section 83 - Extention of Section 35FF of Central Excise Act to the Service Tax - Interest on delayed refund of amount deposited under the proviso to s....

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....ection 35F. -do- 8 Section 86 - Amendment Review of order of Commissioner and Commissioner (Appeals) by the committee of commissioners -do-<BR> News - Press release - PIB....