Most Important Amendment For November 2014 CA IPCC Taxation

Threshold limit for e-payment of service tax reduced from Rs. 10 lakh to Rs. 1 lakh

Proviso to rule 6(2) of the Service Tax Rules, 1994 has been amended to reduce the threshold limit for e-payment of service tax from Rs. 10 lakh to Rs. 1 lakh.

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Henceforth, with effect from 01.01.2014, where an assessee has paid a total service tax of Rs. 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.

[Notification No. 16/2013-ST dated 22.11.2013]