New Accounting Codes for Payment of Service Tax

New Accounting Codes for Payment of Service Tax

(w.e.f. 01.07.2012)

In general course, service provider has to deposit service tax under the respective accounting codes having regard to category of taxable service provided. However, after the introduction of Negative List approach w.e.f. 01.07.2012 under the Finance Act, 1994, when various categories of taxable services are no more available, an issue arises regarding existing accounting code under which service provider is required to make payment of tax. Recently CBEC vide F.No.341/21/2012-TRU dated 6^th July, 2012 has resolved this issue by providing new accounting codes for payment of service tax as applicable with effect from 1^st July, 2012:-

Name of Services	Accounting codes
	Tax collection	Other Receipts	Penalties	Deduct refunds
All Taxable Services	00441089	00441090	00441093	00441094

 CBEC has also clarifies that service specific accounting codes will also continues to be operational for payment of service tax pertaining to period prior to 1st July, 2012. Further, accounting codes for payment of Primary Education Cess and Secondary and Higher Education Cess will continue to remain same.

By C.A. Vishal Tayal

9899122879