Monday, 20 March 2017

Registering for Service Tax Number?

Here are some key points you should know –

‘Service Tax’ is one of the very important indirect taxes that is imposed by our Central Government on a ‘Service Provider’ (i.e. a person providing taxable services). In certain cases, it is the service receiver who is liable to pay such tax to the Government. Every person liable to pay service tax has to mandatorily apply for getting Service Tax Registration Number.

Getting Service Tax Registration Number is compulsory for every person/ firm/ company if aggregate amount of taxable services provided, whether from a single or multiple premises, in the previous financial years exceeds Rupees Nine Lakhs. It is a unique 15-digit number which is allotted at the time of filing an application for registration for Service Tax to the assessee. Such compliance of obtaining ‘Service Tax Registration’ is statutorily required to be completed within 30 days from exceeding the above threshold limit of Rupees Nine Lakhs.

On the basis of Service Tax number obtained by the assessee, such assessee can easily check all the details such as name of the entity, registered address of the entity, range code, division code, location code etc.

Service Tax Return filing is mandatory for all those assessees who have obtained service tax number irrespective of their annual turnover. If an assessee is possessing Service Tax Number but his tax liability is NIL, in that case also he shall be required to file NIL service tax return. If assessee wants to surrender his service tax number then such assessee shall have to file an online application for the same.

Some recent updates that you would not like to miss – 20.03.2017

2.    GST Council has approved two crucial bills (i.e. State GST and Union Territory GST) that will pave the way for tabling of the GST Bills in the Current Session of the Parliament and respective State Assemblies. Consequently, new Indirect Taxation System shall likely to be introduced from July 2017.

3.     In GST law, supplier shall have to issue credit/debit note if there is any deficiency in supplies, return of goods or incorrect amount of supplies or GST has been entered.

4.      Due Date for filing of DVAT Return in Form 16,17, and 48 for Quarter 3 of Financial Year 2016-17 has been extended up to 31.03.2017.

5.    Under GST, credit of tax paid on capital goods also is permitted to be availed in one instalment.

Have a great day ahead!

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