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Our Bureau

New Delhi, Sept. 21

Electronic payment of service tax has become mandatory for certain service tax assessees from October 1.

Assessees who paid service tax of Rs 50 lakh or above in the preceding financial year or already paid service tax of Rs 50 lakh in the current year are now required to use Internet banking for payment of this tax from October 1.

The facility of e-payment of service tax would be available through 24 designated banks that include State Bank of India, Bank of Baroda, Union Bank of India, Canara Bank, Punjab National Bank, IDBI Bank, UTI Bank, HDFC Bank, ICICI Bank and Corporation Bank A Central Board of Excise and Customs spokesperson said that the move to make electronic payment of service tax mandatory was part of the Finance Ministry's ongoing efforts to simplify procedures and cut transaction costs for trade and industry.

For 2006-07, the Centre has budgeted service tax collections at Rs 34,500 crore. This represents a 50 per cent jump over the service tax collections of Rs 23,000 crore in 2005-06.

More Stories on : Taxation | E-Commerce & E-Business | E-Governance

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