New Accounting Code for the purpose of Accounting of collection of Service Tax

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..... the present accounting system, separate Minor Head is opened for each taxable services under major head "0044 - Service Tax" with 3 sub-heads for accounting of : ( a ) Tax Collection, ( b ) Other Receipts (like penalty/interest) and ( c ) Refunds. But, under proposed negative list based comprehensive approach to taxation of services, it is not practically possible to use service-wise a .....

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..... 004400224040000 Sub-head - Penalties 00441093 111 Note A. *The Sub Head "Other Receipts" is meant for interest etc., leviable on delayed payment of service tax. **The Sub Head "Deduct Refunds" is not to be used by the assessees, as it is meant for the Excise Deptt. while allowing refund to tax. B. .....

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