Himachal Government hikes VAT from 4 per cent to 5 per cent on all items, except edible oils and foodgrains     Authority for Advance Ruling rules no capital gains accrued or arose at the time of conversion of partnership firm into a private limited company under Part IX of the Companies Act and therefore, notwithstanding the non-compliance with clause (d) of proviso to Section 47(xiii) of the Income Tax Act, by reason of premature transfer of shares, the said company is not liable to pay capital gains tax-AIT-2010-93-AAR      Authority for Advance Ruling rules if the purchasers are non-residents other than the applicant, the applicant is liable to pay tax in India on the amount received by it for the support services rendered through the branch office in India-AIT-2010-92 -AAR      Jurisdiction of Dispute Resolution Panel-Income Tax Order No.3           Employment of washing process in the manufacture of agglomerates etc from imported plastic waste and scrap-SEZ Instruction No.48     Haryana Government imposes surcharge ranging from 0.25 per cent to 0.7 per cent on VAT   Service Tax Notification No. 17/2010 which exempts the taxable service providing packaged or canned software, intended for single use and packed accordingly amended-Service Tax Notification No.18     Procurement, Import and Export of Prohibited and Restricted Goods by SEZ Units-SEZ Instruction No. 47     Tractors are chargeable to tractor cess in terms of the Tractor Cess Rules, 1992 read with the IDRA Act, 1951-Central Excise Circular No. 916    Authority for Advance Ruling rules the amounts received/receivable by Technopromexport from NTPC under contract for Offshore supply of all plant and equipment including mandatory spares are not liable to tax in India under the provisions of the Income-tax Act, 1961 and DTAA between India and Russia-AIT-2010-79-AAR   whether Cess levied under section 5 of Textile Committees Act, 1963 is includable as a component of CVD-AIT-2010-78-HC    Toilet linen and kitchen linen, of terry toweling or similar terry fabric, of cotton and of other textile materials added in Focus Product Scheme for exports made after 1st Jan 2010-DGFT PN 46   TDS on payment of interest on time deposits under Section 194A of the Income Tax Act by banks following Core-Branch Banking Solutions software-Income Tax Circular No.3    Duty Credit Scrips can also be used / debited towards payment of Customs Duties in case of EO defaults under Authorizations issued under Chapters 4 and 5 of the Policy-DGFT Notification No.32   SC Ruling-the nature of roll over premium charge incurred by the assessee as also the scope and applicability of Section 43A of the Income Tax Act, 1961, in the context of such charges-we find no merit in the contention of the assessee that roll over charges have nothing to do with the fluctuation in the rate of exchange-AIT-2010-75-SC     Pre-authentication of excise invoices dispensed with    Excise duty on Goggles and OTS cans hiked to 10 per cent   av gas and mosquito net impregnated with insecticides subjected to 4 per cent excise   Outright exemption from additional duty of customs (of 4%) leviable under sub-section (5) of section 3 of the Customs Tariff Act, 1975  to goods imported in a pre-packaged form and intended for retail sale   Benefit of allowing Cenvat credit to be reversed on proportionate basis (when common inputs are used for the manufacture of dutiable and exempt products) extended retrospectively     Bad News for ladies-sanitary napkins & kids diapers subjected to 10 per cent excise      excise duty @ 4% imposed on specified IT products like microprocessor other than motherboards, floppy disc drives, CD-Rom drive etc when these items are meant for external use with a computer or laptop as a plug-in device   Packaged software or canned software exempted from excise   excise duty on Cartons, boxes and cases, of corrugated paper or paperboard manufactured by Standalone manufacturers lowered from 8% to 4%   
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Electronic payment of service tax[e-payment]

Electronic Accounting System in Central Excise & Service Tax
(EASIEST) forms the core of e-payment system devised by the Office of the Principal Chief Controller of Accounts (CBEC).

E-Payment of service Tax is mandatory for all those who have paid service tax of 50 Lakh or above in preceding financial year or 50 Lakh or above in current financial year as per Service Tax Notification No.27/2006.

E-payment of Central Excise and Service Tax is also an additional mode of payment for others.

It is essentially an arrangement between the customers [service tax payers] and the bank.

To avail this facility, the taxpayer has to get registered with the bank authorized for the respective Commissionerate and offering e-payment solution.

Feature:

Availability of the facility is on 24x7 basis

On-line filling of challans and payment of taxes

Instant Cyber Receipts for payment made

Challans delivered at door step and

Service is normally free of charge.

The work flow [procedure] of e-payment :

For taxpayers who opt to maintain account with the concerned bank and willing to use Internet banking facility:

• Taxpayer logs on to the bank’s web site.

• The bank’s site allows the taxpayer to enter into the secure banking area after verifying the user ID and password provided to the taxpayer by the bank;

Once in the secure banking area of the bank, the tax payer can select the “Pay Tax” menu which will further offer option to select various taxes he can pay on-line;

• Once opted for CBEC (Indirect Tax), the taxpayer is guided to the challan form for filling up the details;

• There will be an on-line validation for Assessee Code, Location Code, Account Head against the masters provided to the bank from the concerned Pay and Accounts Office. The validation is mandatory and only successful entrants will be allowed to proceed further;

• Banks will obtain and keep only such Assessee Codes, in their master, which belongs to the assessee who falls under the Commissionerates for which the bank is authorized to collect Indirect Tax revenue. This will ensure that the bank is not collecting and accounting indirect tax revenue for a Commissionerate for which it is not authorized;
• On successful validation of the details in the challan format, the taxpayer is guided to a ‘make payment screen’ showing the payment details filled in by the taxpayer on the challan format;

• The taxpayer gets an option to “Continue” or “Cancel”;

• On selecting “Cancel”, the taxpayer is prompt for entering his user ID and password to enter into the bank’s e-transaction module;

• On selecting “continue”, the taxpayer is prompt for entering his user ID and password to enter into the bank’s transaction module;

• This screen further leads the taxpayer to the page describing his account details with the bank;

• Taxpayer selects the account to be debited;

• Authorise the payment transaction;

• On successful payment transaction, the account of the taxpayer gets debited and taxpayer gets a unique system generated payment confirmation number;

• The concerned Focal Point Bank prints the challan and include in the scroll on a day to day basis and forward to the concerned PAO and, to the Range Officer as per the existing procedure and ensures two copies of the challan in delivered to the taxpayer;

• Fund transaction and settlement with Government will be the exclusive responsibility of the bank as per the existing procedure.

The list of the Banks offering e-payment facility : 

1. Union bank of India

2. UTI bank

3. ICICI Bank

4. HDFC Bank

5. IDBI Bank

6. State bank of India

7. Punjab National bank

8. Indian Overseas Bank

9. State Bank of Travancore

10. Bank of India

I1. Corporation Bank

12. State Bank of Saurashtra

13. Indian Bank

14. State Bank of Patiala

15. State Bank of Hyderabad

16. Syndicate bank

17. State Bank of Bikaner & Jaipur

18. Vijaya Bank

19. State Bank of Indore

20. Bank of Maharashtra

21. Canara Bank

22. State Bank of Mysore

23. United Bank of India

24. Bank of Baroda 

 

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