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Follow on Google News | India Tax Update: Taxpayers Paying Service Tax beyond Rs. 25 Lakh must File Monthly ReturnsTaxpayers 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.
By: Nair & Co. 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. For more information on this topic email media@nair-co.com Get the latest press releases and updates on international tax, HR, Finance, compliance and other legal news at Nair & Co. Industry Alerts (http://www.nair- Know more on: · expat tax advice (http://www.nair- · international accounting (http://www.nair- · international business expansion (http://www.nair- international financial reporting (http://www.nair- End
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