Budget 2012 – Service Tax & Excise to have common returns
16th March, 2012
Service Tax and Central Excise assessees will soon be filing a simple one page common return. The proposed return is nomenclatured Excise & Service Return or the EST Return. For obtaining registration also, similar common form is in the pipeline.
For raising demand of Service Tax in normal cases, time-limit is being raised to 18 months from the present one year. Large assessees will be required to file monthly return in respect of Service Tax as per the proposals. Special audit provisions are being re-cast for Service Tax audit as per the proposals in the Finance Bill, 2012.
Extension of the facility of settlement to Service Tax cases which can effectively provide immunity from prosecution and provision of remedy of filing revision application in certain cases are other major changes contemplated in Service Tax in this year’s Budget proposals.