Payment of Service Tax Under New Accounting Code Only

ST Payer who is liable to pay Service Tax monthly & Quarterly should pay Service Tax under New Category & Code only.

As you are aware, Negative List based comprehensive approach to taxation of services has came into effect from the 1^st July, 2012 and accordingly now for payment of Service Tax a new Minor Head – ‘All Taxable Services’ has been allotted under the Major Head “0044-Service Tax”.

A new Accounting the code for purpose of payment of service tax under the Negative List approach, with effect from 1st July, 2012 is as follows:

Name of Services	Accounting codes
	Tax Collection	Other Receipts	Penalties	Deduct refunds
All Taxable Services	00441089	00441090	00441093	00441094

Primary Education Cess on all taxable services will be booked under 00440298

Secondary and Higher Education Cess on all taxable services will be booked under 00440426

 NOTE:-

1. All Payment of service tax For the Period starting from 01.07.2012 is required to be made under above code only irrespective of the category of service.

2. However Service specific accounting codes will also continue to operate, side by side, for payment of service tax pertaining to the past period (for the period prior to 1st July, 2012).