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Key Procedural Changes in Service Tax and Excise

Budget - By: - SKP IDT - Dated:- 1-3-2016 - Numerous procedural changes regarding registration, payment and filing of returns have been proposed in Service Tax and Excise legislation through the Union Budget 2016-17. In line with increasing the Ease .....

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e Budget 2016. 1. Service Tax Facility of quarterly payment of Service Tax At present, provisions of quarterly payment of Service tax and payment of Service tax on receipt basis is only available to individuals and partnership firms. Under Budget 201 .....

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annual returns Currently under Service tax legislation, there are only two half yearly returns required to be filed. Now as per the proposed changes under Budget 2016, Service tax assessee s above a certain threshold will also be required to file an .....

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stration procedure The requirement of post registration physical verification of the factory / premises has been done away with. Further, an option of centralized Excise registration for jewellery manufacturers with centralized billing or accounting .....

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filed resulting in considerable reduction in compliance hassles. Revision of Excise returns now permissible Currently only Service tax returns filed by assessee is allowed to be revised, whereas Excise legislation does not permit revision of returns .....

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