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SERVICE TAX ASSESSEES TO FILE ANNUAL RETURN

Service Tax - By: - Pradeep Jain - Dated:- 22-3-2016 - Introduction:- Although, with the government resorting to implement unified taxation regime GST in near future, it was hoped that the number of returns to be filed by an assessee would reduce sub .....

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s presently filed by them. This has been done by amending Rule 7 of the Service Tax Rules, 1994 which will be applicable with effect from 01.04.2016. This article is an attempt to analyse the probable consequences of the amendment. Glimpse of the Ame .....

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ined in sub-rule (1), every assessee shall submit an annual return for the financial year to which the return relates, in such form and manner as may be specified in the notification in the Official Gazette by the Central Board of Excise and Customs, .....

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ferred to in sub-rule(3A). Apart from this, amendments have been made in Rule 7B in order to facilitate revision of annual returns and in Rule 7C so as to impose late fees in case of delay in filing of annual return which is specified as amount calcu .....

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who may not be required to submit annual return subject to conditions of limitations prescribed in the notification. It is pertinent to note that as per Notification no. 17/2006-C.E. (N.T.) dated 01.08.2006 as amended by Notification no. 42/2008-C.E. .....

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ed to be filed latest by 30th November of the succeeding year as per the provisions of Rule 12(2)(a) of the Central Excise Rules, 2002. Accordingly, it may be hoped that similar exemption is provided to service tax assessees based on the quantum of s .....

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filing of annual return is 30th November of the succeeding financial year with the option to revise the return within one month from the date of filing of original return. The provision enabling revision of return is welcomed. Late filing of annual .....

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