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THERE IS RATE CHANGE # RETURN UTILITY # NO MORE UTILITY

Service Tax - By: - Pradeep Jain - Dated:- 9-9-2015 - Introduction:- Online - the most used word in modern world; whether it is a person or a procedure , everyone and everything is online now. Compliance procedures of most of the legal provisions have become online, somewhere it is optional and somewhere it is mandatory. In the service tax too, concept of online filing of return was first introduced for big taxpayers; w.e.f. 1.10.2011. Since then, the service tax return utility has been a classi .....

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the most complicated thing faced by the assessees. Last change in the service tax rate was in the year 2012-13 which was perhaps the most complicated change as there was transformation of service tax law by way of introduction of negative list concept. However, since then, things have simplified much as the transitional period has passed. Here, in this article, we are talking about the effect of rate change while filing the service tax return online. Before coming to the point, it would be bett .....

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id with old rate; will now be subject to new rate. This can be understood with the help of following example:- Advance Received ₹ 50000/- Date of advance 1.4.2015 Service tax rate 12.36% Service tax paid on 5.5.2015 50000 * 12.36% = ₹ 6180/-. Change in rate of service tax 1.6.2015 New rate of service tax 14% Date of provision of service 1.7.2015 Date of issue of invoice 5.7.2015 In above case, since the provision of service and issue of invoice (i.e. two events) are after the change .....

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eturn utility (July-Sept) had the facility of inserting an additional row and mentioning that differential rate of tax; thereby showing the additional tax to be paid in a particular month for a particular service. It had the facility of inserting any rate irrespective of the fact that statutory rate of service tax applicable as on date is different. Thus, in the given example, in the year 2012-13; we could show both the transactions of taxes paid and rates applied. There was facility in the retu .....

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