CIR. NO.53/02/2003-CX(ST), DT. 27/03/2003
- Document type
- Circular
- Reference no.
- D
- Dated
- Category
- Service Tax Circulars-Year 2003
Rounding of Service Tax to the multiples of a Rupee
Rounding of Service Tax to the multiples of a Rupee
Attention is invited to the provisions of Section 37-D of the Central Excise Act, 1944 which has been made applicable to Service Tax Law by virtue of Section 83 of Finance Act, 1994 (as amended), provide that the amount of service tax, interest, penalty, fine or any other sum payable and the amount of refund or any other sum due, under the provisions shall be rounded off to the nearest rupee and, for this purpose, where such amount contains a part of a rupee consisting of paise then, if such part is fifty paise or more, it shall be increased to one rupee and if such part is less than fifty paise it shall be ignored.
Suitable Trade notices may be issued for the information of the Trade.
Sd/-
(Manish Mohan)
Under Secretary to the Govt. of India.