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Government brings more taxpayers under the fold of e-payment

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The centre is reducing the threshold limit of mandatory e- payment from rupees ten lakhs to rupees one lakh for both central excise and service tax payment with effect from January 1, 2014.

From next year onwards, a manufacturer or a service tax payer who has paid a duty or tax of more than rupees one lakh in the previous financial year shall be required to pay duty or tax through internet banking, said the Central Board of Excise and Customs (CBEC) notifications in this regard.

This step has been taken as measure of trade facilitation and it is expected that increased coverage of e-payment would make it convenient for the trade to pay taxes electronically.

Currently, a manufacturer is required to pay duty of central excise through internet banking (i.e. e- payment) if the total duty paid by the manufacturer exceeds rupees ten lakhs in the previous financial year. A service provider is also required to pay service tax through internet banking (i.e. e-payment) if the total tax paid by the service provider exceeds rupees ten lakhs in the previous financial year.

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