Rule 7, 7B and 7C of Service Tax Rules 1994 are being amended to provide for filing of annual return by assessee. The important points are as under:
(i) This return shall be in addition to the half yearly returns filed by the assessee;
(ii) The due date for filing the annual return is 30th November of succeeding financial year;
(iii) Annual return can be revised within one month from the date of filing of return;
(iv) Late filing fees for delay in filing the annual return is Rs. 100/- per day for the period of delay, subject to maximum amount of Rs. 20,000/-;
(v) The format for the same shall be prescribed separately. Further, assessee or a class of assessee exempted from filing the annual return shall also be notified separately.