Amended provisions as per the Finance Bill, 2016 in respect of Annual Return under Service Tax (Applicable w. e. f. 01.04.2016)
Rule 7, 7B and 7C of Service Tax Rules 1994 are being amended to provide for filing of annual return by assessee. The important points are as under:
(i) This return shall be in addition to the half yearly returns filed by the assessee;
(ii) The due date for filing the annual return is 30th November of succeeding financial year;
(iii) Annual return can be revised within one month from the date of filing of return;
(iv) Late filing fees for delay in filing the annual return is Rs. 100/- per day for the period of delay, subject to maximum amount of Rs. 20,000/-;
(v) The format for the same shall be prescribed separately. Further, assessee or a class of assessee exempted from filing the annual return shall also be notified separately.