Ashwin H. Shah
C.H. Pamnani
Chartered
Accountants
INCOME
TAX:
1. The
Central Government has notified the guidelines for providing training by
Shipping Companies Opting for Tonnage Tax Scheme effective from 1st
January, 2005 vide notification no. SO 1436(E), dated 30.12.2004. For full text
of this notification refer TAXMANN Vol. 142 Part 3 Statutes 21.
2. The
CBDT has inserted rule 20AB, Form No. 10DB and Form No. 10DC of Income tax Rule
1962 vide notification no.01/2004 [F.No. 142/23/2004-TPL], dated 06.01.2005
Reported in TAXMANN Vol. 142 Part 3 Statute 28.
3. The
CBDT has made amendment in Form No. 7 of Income tax Rules, 1962 vide
notification no. 2/2005 [F.No. 142/13/2004-TPL] dated 07-01-2005. For full text
of this notification refer TAXMANN vol. 142 Part 3 Statutes 30.
4. The
CBDT has made amendment in rule 18BBB and Form No. 10CCB of Income tax Rules,
1962 vide notification no. 43/2004 dated 04/02/05.
SERVICE TAX:
1. Education Cess
A
new Minor Head “504-Education Cess” has been accorded provisionally under the
following Major Heads:-
|
Sr.No.
|
Major Head
|
Numeric Code
|
Serial Code
|
SCCD
|
|
1.
|
Custom
Education Cess
|
0037
003700504
|
00370066
|
110
|
|
2.
|
Union Excise Duty
Non Shareholder Duties
Education Cess
|
0038
003803
003803504
|
00380111
|
116
|
|
3.
|
Service Tax
Education Cess
|
0044
004400504
|
00440297
|
112
|
Refer
Memorandum No. COORD/13-6/98-99/VOL.Iv/295 dated 06-12-04.
2. Centralised Accounting
System.
1. Sub-rule (3A) of rule 4 of Service Tax Rules, 1994
requires that where an assessee is providing taxable service from more than one
premises and has centralized accounting system in respect of such services
rendered to clients from each such premises or office at any one premises or
office, the Commissioner of Central Excise may permit such assessee for
registration only the premises or office from where such centralized accounting
is done, if he is satisfied that such registration shall not be detrimental to
the interest of revenue.
2. Under Centralised Accounting System, bills are
raised from various branches of the assessee and are accounted for at one
office of the assessee. The assessee has to seek permission from the
Jurisdictional Commissioner of Central Excise for the registration of the office
or premises from where centralized accounting is done. In order to ensure that
a uniform practice be adopted to grant such permission, the following
guidelines are issued.
2.1 Information / Documents to be submitted along with
ST 1 application :
(a) Proof of address of the premises office sought to be
registered.
(b) PAN number of the assessee.
(c) List of Branches, offices or premises of the
assessee.
(d) Brief note on accounting system adopted by the
assessee.
(e) Branch wise series of invoices maintained along with
a sample copy thereof.
(f) Previous year’s audited balance sheet along with
gross trial balance of different braches
(g) Details of records/ accounts maintained at different
branches and central office.
(h) Bank account number of the branches and Central
Office through which the receipts are deposited/transacted.
2.2 Documents to be submitted along with ST 3 returns :
2.2.1
Centralised office
premises should submit a monthly statement branch wise based on the daily
monthly sales receipt submitted by the Branch Offices to the main office.
2.2.2
The centralized office
shall consolidate the monthly statement showing branch wise receipt and arrive
at the toatal service tax payable and pay on monthly/ quarterly basis depending
on the type of the assessee.
2.2.3
The monthly statements
of centralized office with the branch reports and payment details should be
submitted before the Superintendent of Central Excise along with ST 3 return.
(Trade
Notice no. 02/2005 dated 13.01.2005 issued by Chennai III Commissionerate)
3.
New
Head of Account for Service tax on Transport of Goods by roads
The
Principal Chief Controller of Accounts, CBEC, New Delhi vide their Letter No.
Coord/13-6/98-99/Vol.IV/321, dated 06.01.2005 have communicated the Head of
Accounts for payment of service tax / other receipts / refunds in respect of
Transport of Goods by Road (Goods transport Agency) brought under the service
tax net with effect from 01-01-2005 which is furnished below for information
and necessary action.
|
Numeric Code
|
Description
|
Sr. Code
|
SCCD Code
|
|
004400165
|
Minor head : Transport of Goods by Road
|
00440261
|
|
|
00440016501
|
Sub Head : Tax Collection
|
00440262
|
110
|
|
00440016502
|
Sub Head : Other receipts
|
00440263
|
111
|
|
00440016503
|
Sub Head : Deduct refunds
|
00440264
|
118
|
Trade Notice No. 08/2005 STU,
dated 20.01.2005 issued by CCE, Madurai –2.
4.
Interim
stay for registration and payment of service tax under the category of Goods
Transport Agency
The
Kerala High Court has granted interim stay for one month on registration and
payment service in respect of services availed from Goods Transport Agency.
In the case of A.V.Thomas & Co. Ltd.
Vs. Union of India.
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ARCHIVES 2003
For the month of September 2004
For the month of October 2004
