9911796707
TMI BlogRESTORATION OF ACCOUNTING CODES FOR REGISTRATIONX X X X Extracts X X X X X X X X Extracts X X X X ..... RESTORATION OF ACCOUNTING CODES FOR REGISTRATION X X X X Extracts X X X X X X X X Extracts X X X X ..... purpose of statistical analysis. It has been clarified that registrations obtained under the positive list approach continue to be valid. New taxpayers can obtain registrations by selecting the relevant description/s from among the list of 120 descriptions of services given in the Annexure of the said Circular. Where registrations have been obtained under the description 'All Taxable Services', t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he taxpayer should file amendment application online in ACES and opt for relevant description/s from the list of 120 descriptions of services given in the Annexure of the said Circular. If any applications for amendment of ST-1 are pending with field formations, seeking the description 'all taxable services', such amendment may not be necessary and the officers in the field formations may provide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... necessary guidance to the taxpayers in this regard. The text of this Circular may be referred to in Annexure - 19(25) in part IV of the Book. Vide CBEC Circular No. 165 dated 20.11.2012, service wise accounting codes have been restored for the purpose of statistical analysis. It has clarified that - * Old service wise codes shall be used for registration and payment of Service Tax (also given ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in Annexure to Circular). * There is a new sub-code for payment of penalty. Thus, payment of 'interest' will be made in code for 'other receipts' as was in use earlier. * There is a sub-code for refunds which is for use only by the department. * Old accounting codes which were in use prior to 1.7.2012 shall remain valid after 1.7.2012 also. * New service providers who have obtained registr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation after 1.7.2012 under 'all taxable services' will have to get their registration certificate amended for obtaining registration under the respective category of service based on description of service. * The amendment has to be done online in ACES system by choosing the most appropriate service from the list of 120 services (i.e., services from 1 to 119 or S.No. 120) * In case the service ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is not getting classified under any specific entry of service (i.e. S..No. 1 to 119), the service provider should opt for residual entry, i.e., registration with the description [other taxable services (services other than 119 listed services)] with the following accounting code. Accounting Code Service Tax 00441480 Interest 00441481 Penalty 00441485 Not only this, Service Tax Rules have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also been amended to give effect to need for change in registration vide Notification No. 48/2012-ST dated 30.11.2012 whereby registration has to be obtained / amended as per the description of service. Payment shall also be made accordingly. X X X X Extracts X X X X X X X X Extracts X X X X
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