New Accounting Code for the purpose of Accounting of collection of Service Tax - Service Tax - Office Memorandum No. Coord/13-6/H/A/cs/Vol.VII/86,

New Accounting Code for the purpose of Accounting of collection of Service Tax Office Memorandum No. Coord/13-6/H/A/cs/Vol.VII/86, dated 2-7-2012 issued by principal controller of accounts, cbec Under 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 accounting code numbers. All collections made under Service Tax will require to be accounted for through One single Minor Head/sub-heads. In this regard, new Head to Account under the Major Head "0044-Service Tax" as been opened by O/o the Controller General of Accounts vide Correction Slip No. 725, dated 29-6-2012 for accounting of Service Tax levied on all taxable services. Details of Head of Accounts and their accounting code are as under:- Head of Accounts Minor Head - All Taxable Services Serial Code SCCD Code 004400224010000 Sub-head - Tax Collection 00441089 112 004400224020000 Sub-head - Other Receipts 00441090 112 004400224030000 Sub-head - Deduct Refunds 00441094 118 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. Primary Education Cess on all taxable services will be booked under 00440298 and Secondary and Higher Education Cess will be booked under 00440426. C. Service Tax in respect of all services pertaining to the period 1st July, 2012 onwards will be booked under the above new accounting code. D. Service specific minor-heads will also continue to operate, side by side, for accounting of service tax under sub-heads pertaining to the past period till 31st March, 2014, where after existing heads will cease to operate. After 31st March, 2014, the arrears pertaining to the past periods would be accounted for under the new accounting code as above. Eight digit reduced accounting codes (Major Head Serial Codes) as mentioned under column No. 3 may please be intimated to all the Commissionerates (Customs, Central Excise Service Tax) with the advise to issue a Trade Notice for information of the assessees.