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April 2008

Service Tax (Amendment) Rules, 2008 : Notification No. 4/2008-Service Tax dated 1-3-2008.

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi
Chartered Accountants
Reading Time 1 mins
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Service tax

4 Service Tax (Amendment) Rules, 2008 :
Notification No. 4/2008-Service Tax dated 1-3-2008.

The following major amendments have been carried out by this
notification :


à
The Board has allowed payment of advance Service Tax, provided intimation is
submitted with the jurisdictional office and in the next return of Service
Tax, the said advance tax is duly disclosed.

à
Self-adjustment of excess service tax paid is enhanced from Rs.50000 up to
Rs.1 lakh for a relevant month or quarter, as the case may be.

à
Period for filing of revised return has been increased from sixty days to
ninety days.

à
Penalty for late filing of return may be reduced or waived by the concerned
officer on being satisfied that there was reasonable cause for delay.

 


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