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July 17, 2008
Service
Tax - Accounting Codes for new services
The Government while imposing new taxes, is not prompt in announcing
the Head of accounts under which the tax is to be paid, leaving the tax
payers as well as the Department in utter confusion. We have been getting
several frantic calls from concerned assessees as to what the codes are
for the new taxes imposed in this year's budget. When we expressed our
ignorance, many taxpayers asked us, if you don't know, who will know? We
only report; we don't create.
The Principal Chief Controller of Accounts,
CBEC has notified the accounting codes for the new services:
|
Head of Accounts |
Description |
Serial Code |
SCCD Code |
| 004400205 |
Minor Head -
Services provided by any person in relation to information technology
software for use in the course, or furtherance, of business or
commerce. |
00440449 |
111 |
| 00440020501 |
Sub-head - Tax Collection |
00440452 |
111 |
| 00440020502 |
Sub-head - Other Receipt |
00440450 |
113 |
| 00440020503 |
Sub-head - Deduct Refunds |
00440451 |
118 |
| 004400206 |
Minor Head -
Services provided by an insurer on life insurance business, in
relation to management of investment, under unit linked insurance
business, commonly known as Unit Linked Insurance Plan (ULIP) scheme |
00440429 |
113 |
| 00440020601 |
Sub-head - Tax Collection |
00440430 |
111 |
| 00440020602 |
Sub-head - Other Receipt |
00440431 |
110 |
| 00440020603 |
Sub-head - Deduct Refunds |
00440432 |
119 |
| 004400207 |
Minor Head -
Services provided by a recognized stock exchange in relation to
assisting, regulating or controlling the business of buying, selling
or dealing in securities and includes services provided in relation to
trading, processing, clearing and settlement of transactions in
securities. |
00440433 |
112 |
| 00440020701 |
Sub-head - Tax Collection |
00440434 |
117 |
| 00440020702 |
Sub-head - Other Receipt |
00440435 |
114 |
| 00440020703 |
Sub-head - Deduct Refunds |
00440436 |
115 |
|
004400208 |
Minor Head -
Services provided by a recognized/registered association in relation
to assisting, regulating or controlling the business of the sale or
purchase of any goods or onward contracts and includes services
provided in relation to trading, processing, clearing and settlement
of transactions in goods or forward contracts.. |
00440437 |
116 |
| 00440020801 |
Sub-head - Tax Collection |
00440438 |
113 |
| 00440020802 |
Sub-head - Other Receipt |
00440439 |
118 |
| 00440020803 |
Sub-head - Deduct Refunds |
00440440 |
118 |
| 004400209 |
Minor Head -
Services provided by a processing and clearing house in relation to
processing, clearing and settlement of transactions in securities,
goods or forward contracts including any other matter incidental to,
or connected with, such securities, goods and forward contracts. |
00440441 |
113 |
| 00440020901 |
Sub-head - Tax Collection |
00440442 |
116 |
| 00440020902 |
Sub-head - Other Receipt |
00440443 |
115 |
| 00440020903 |
Sub-head - Deduct Refunds |
00440446 |
112 |
| 004400210 |
Minor Head -
Services provided by any person in relation to supply of tangible
goods including machinery, equipment and appliances for use, without
transferring right of procession and effective control of such
machinery, equipment and appliances. |
00440444 |
114 |
| 00440021001 |
Sub-head - Tax Collection |
00440445 |
117 |
| 00440021002 |
Sub-head - Other Receipt |
00440447 |
119 |
| 00440021003 |
Sub-head - Deduct Refunds |
00440448 |
110 |
The Sub-head "Other Receipt" is meant for
interest, penalty leviable on delayed payment of Service Tax.
The Sub-head "Deduct Refunds" is not to be
used by the assessees, it is meant for the department while allowing
refund of Tax.
Primary Education Cess on all taxable
services will be booked under 00440298 and Secondary and Higher Education
Cess will be booked under 00440426.
Go to
"Service Tax Update - 2008" Listings
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