Electronic Payment of ST Limit reduced to 1 lakh
The Provision says, "where an assessee has paid a total service tax of rupees '1 Lakh' or more including the amount paid by utilization of CENVAT credit, in the preceding financial year, he shall deposit the service tax liable to be paid by him electronically, through internet banking".
Earlier this limit is 10 Lakhs.
This amendment will be applicable for May 2014 CA IPCC and CA Final Examinations
View the Official Notification below:
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GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
Notification No 16 /2013-Service Tax
New Delhi, the 22nd November, 2013
1 Agrahayana, 1935 Saka
G.S.R (E).-In exercise of the powers conferred by sub-section (1) read with sub-section (2) of section 94 of the Finance Act, 1994 ( 32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994, namely:-
1. (1) These rules may be called the Service Tax Third ( Amendment) Rules, 2013.
(2) They shall come into force on the 1st day of January, 2014.
2. In the Service Tax Rules, 1994, in rule 6, in sub-rule (2), in the proviso, for the words “ rupees ten lakh” , the words “ rupees one lakh” shall be substituted.
F.No: 137/116/2012- Service Tax
(Rajeev Yadav)
Director
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