• 10Feb 2014

    Electronic Payment of ST Limit reduced to 1 lakh

    The limit for Compulsory Electronic Payment of Service Tax has been reduced to 1 Lakh, applicable from Jan 1, 2014.

    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:

    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)

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