This is in relation to recent notification (Notification No. 01/2010 – Service Tax) issued under the Service tax Rules, 1994 in respect of deposit of service tax and filing of returns. The notification provides the following:
An assessee is required to deposit Service tax electronically (through internet banking) if the amount of service tax deposited (through cash and credit) in the preceding financial year is Rs.10 lacs or more (earlier this limit was Rs 50 lacs for the preceding financial year or the current year);
Service tax return is to be filed electronically by an assessee, if the amount of service tax deposited (through cash and credit) in the preceding financial year is Rs.10 lacs or more.
The notification is effective from 1 April 2010.
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