PRLog - Dec. 6, 2012 - (Sunnyvale, CA)- Taxpayers paying service tax of more than INR 25 lakh will now be required to file returns on a monthly basis, instead of twice in a year. The new regulation will not only facilitate better audit but also furnish the government with monthly data on service tax collections.
According to the Indian Finance Ministry, a common EST-1, a one-page form which is expected to be notified in the near future, will replace the current 2 , 15-page returns, for both excise duty and service tax. The EST-1 will also help the government, in the rollout of the proposed Goods and Services Tax (GST).
Taxpayers who have paid taxes of Rs 25 lakh or more in the previous year and also new taxpayers (other than individuals and firms) will have to file monthly returns. New assessees will continue to file quarterly returns.
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