New Accounting Code, Service Tax

[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

Posts / Replies

[Pradeep Khatri]

Please go through the note to Circular No. 161-ST/ 06-7-2012,F.No.341/21/2012-TRU in this regard which states as follows:-

NOTE: (i) service specific accounting codes will  also continue to operate, side by side, for accounting of service tax  pertaining to the past period (meaning, for the period prior to 1^st July, 2012); (ii) Primary Education Cess on all taxable services will be booked under 00440298 and Secondary and Higher Education Cess on all taxable services will be booked under 00440426; (iii) a new sub-head has been created for payment of “penalty”; the sub-head “other receipts” is meant only for payment of interest etc. leviable on delayed payment of service tax; (iv) the sub-head “deduct refunds” is not to be used by the assessees, as it is meant for use by the Revenue/Commissionerates while allowing refund of tax.

It means that for past period service specific codes will be used and from 01-07-2012 on wards, New Accounting code will be used as mentioned in the said circular.