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January 2013

Restoration of old service specific accounting codes for service tax payment: Circular No.165/16/2012 –ST dtd. 20.11.2012

By Tarun Ghia, Brijesh Cholera, Pratik Mehta, Chartered Accountants
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To avoid practical difficulties and for the purpose of Statistical Analysis, CBEC has restored Service Specific Accounting codes for payment of service tax and for obtaining service tax registration. Accordingly, a list of 120 descriptions of services for the purpose of registration and accounting codes corresponding to each description of service for payment of tax is provided in the annexure to this Circular. A specific sub-head has been created for payment of “penalty” under various descriptions of services and the sub-head “other receipts” is meant only for payment of interest payable on delayed payment of service tax.

It is also provided that where registrations have already been obtained under the description ‘All Taxable Services’, the taxpayer is required to file amendment application online in ACES and opt for relevant description/s from the list of 120 descriptions of services given in the Annexure.

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