Mumbai:
All central excise duties and service taxes of a minimum
of Rs50 lakh payable annually by a corporate will have
to be made on electronic mode from next fiscal.
While
all corporates are required to pay their corporate income
tax online, finance minister P Chidambaram said, the threshold
of Rs50 lakh would be subsequently removed and everybody
will have to pay excise duty and service tax online in
due course.
Chidambaram
was launching the electronic accounting system in excise
and service tax (Easiest) of the central board of excise
and customs in association with principal chief controller
of accounts, RBI and 28 banks.
Called
Easiest, the system uses the electronic environment for
expeditious transmission of tax information to ensure
greater accuracy and reliability of tax payment data.
The
new system does away with the requirement of the taxpayer
filing four copies of challan under the manual
system. He would now he required to file only a single
challan for payment of central excise and service
tax by using Easiest system.
The
online system would capture all the essential information
required from the assessee in relation to his tax payments,
by allotting them 'challan identification number' (CIN).
The
CBDT already has an online system, called OLTAS, which,
users say, is prone to errors. Chidambaram said while
OLTAS has improved quite a lot from its earlier version,
it is not entirely error-free. While "errors continue
to occur in some banks and some branches of banks,"
he asked users to be vigilant against errors in the new
system.
|