FAQ on Electronic Accounting System in Excise and Service Tax

  (1)    What is assessee code and is it different from Registration number, “ECC” code and “STC”? 

            They are all one and the same. The assessee code is a 15-character identification number allotted by the system to the Central Excise or Service Tax assessee based on PAN number or a temporary number (in cases where PAN could not be submitted). The 15-character assessee code will be available in the registration certificate issued to the assessee.    

(2)       What is Location Code? How does one get it?  What is Commissionerate code, Division code and Range Code?

Why you should file your tax return by July 31 i.e due date of filing ITR

The due date for filing income tax return for individuals-July 31 - is fast approaching but several people think that if one has paid all one's taxes there is no adverse consequence even if one misses the tax return filing deadline. However, this is not correct. Even if all your taxes have been paid you would still lose out on certain benefits if you do not file your income tax return by the due date. 

Read more at:

CBEC has formed a committee to identify the key concerns and sort them out through dialogue between center and States

There are a lot of square brackets or what are called unresolved issues with respect to the proposed GST, which may create hassle for the taxpayers.

In order to iron out administrative differences between the Centre and states over the proposed goods and services tax (GST)  regime, the Central Board of Excise and Customs (CBEC) has formed a committee to identify the key concerns and sort them out through dialogue. The issues include administrative threshold as well as revisionary powers.
 

“There are a lot of square brackets or what are called unresolved issues with respect to the proposed GST, which may create hassle for the taxpayers. Therefore, the committee has been formed to look into each of these issues and take them up with the states,” said a government official.

Read Full Story

Ananth Kumar Says Early Passage Of Goods And Services Tax Bill Will Be Priority

NEW DELHI:  The whole country is in favour of Goods and Services Tax (GST) Bill, Union Parliamentary Affairs Minister Ananth Kumar today claimed and said passage of this "very important" bill will be his priority for which government will talk to all political parties.

"GST is a very important bill. The whole country is in favour of passing this bill as early as possible. We will talk, discuss and request all political parties that this bill should be passed in this session (Monsoon), so that it can be implemented as early as possible," he told reporters after assuming his new charge.

Mr Kumar was given the portfolio in the reshuffle of ministries by Prime Minister Narendra Modi yesterday. He replaces Union Minister M Venkaiah Naidu.
Read full story

A Note on Krishi Kalyan Cess-KKC-Updated

Recently vide Notification 35/2012 ST dated 23 June 2016, Government has exempt from levy of KKC if the conditions mentioned in the notification satisfied.

Accordingly it has exempted taxable services from levy of Krishi Kalyan Cess (“KKC”) in cases which satisfies the following two conditions:

– Where invoices have been raised prior to 01.06.2016; and

– Where provision of service has been completed prior to 01.6.2016.

Thus no KKV shall be levied in case where provision of service completed and invoice has been raised prior to 01.06.2016 or.

If both conditions not satisfied , POT shall be determined as per Rule 5 of POT rules. Please download the note from the Link Below or write to me if not able to download "cackbajpai@gmail.com"

DOWNLOAD