Is annual return of Service Tax a new burden on the assessees?

Service tax assessee’s- here is the new burden!!! In addition to filing the half yearly returns the now you have to file an Annual return under Service tax that is applicable w.e.f 01.04.2016.  

The Ministry of Finance vide notification no.19/2016 dated 1st March,2016 has amended the Rule 7,7B and 7C of Service Tax Rules , 1994 to provide for filing the annual return by the assessee.

Take away points:

1. This return shall be in addition to the half yearly returns (ST3) filed by the assessee
2. The due date for filing the annual return is 30th November of the succeeding financial year. 
3. Yes! the return can be revised within one month from the date of filing the return.
4. For delay in filing the returns, late filing fees is levied at Rs.100/- per day subject to the maximum amount of Rs. 20,000/.
5. The format for the same shall be prescribed by the Central Board of Excise and customs by notification in the Official Gazette.

6. Additionally the central government, shall specify by a notification the class of assesses who are exempted to file the annual return.

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