LOGIC OF NEW SERVICE CODE INTRODUCE

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..... LOGIC OF NEW SERVICE CODE INTRODUCE
Query (Issue) Started By: - RAM NAUDIYAL Dated:- 6-12-2012 Last Reply Date:- 7-12-2012 Service Tax
Got 3 Replies
Service Tax
R.Sir, What is the reason to introduce the new service tax accounting code as per NOTIFICATION No. 48/2012-ST [F.No. 137/22/2012-ST]/GSR 858 (E), dated 5-12-2012 when a universal one accounting code has already introduced f .....

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..... or payment of service tax wef 1.7.2012. (All Taxable Service other then Negative List) Pl clerify Thanks Reply By CA Seetharaman K C: The Reply: There could be several reasons. One of the reasons could be to monitor the sector wise collection and also now since reverse charge mechanism is applicable in case of major heads like "Works Contract" the introduction of the old codes could be to moni .....

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..... tor the payment of tax by service provider and service receiver Reply By Pradeep Khatri: The Reply: Just of administrative purpose, the codes to specific services has been re-introduced by the MOF DOR. Reply By JAMES PG: The Reply: The reason behind the introduction of partial reverse charge mechanism is despite growth in service sectors like labour supply, security, rent a cab, there is negat .....

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..... ive growth in Service Tax collection. This was possible to be viewed by Govt through the accounting of revenue in separate accounting codes for different services. If single accounting code is in force, it is very difficult to monitor revenue and that may be the reason for reintroduction of old codes
Discussion Forum - Knowledge Sharing .....

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