Use of Digitally Signed Invoice/Record in Excise & Service tax

OPTION TO USE OF DIGITALLY SIGNED INVOICES/RECORDS IN CENTRAL EXCISE AND SERVICE TAX

New Finance Budget, 2015 has provided facility to issue digitally signed invoices by inserting Rule 4(C) in Service Tax Rules, 1994 along with the option for maintenance of records in electronic form and their authentication by means of digital signatures. However, conditions for issuing digital signed invoices and option of maintaining of records in electronic form was not in the line till now.

The neoteric, Notification No. 18/2015- Central Excise (N.T.), dated 6 July, 2015, in pursuance of sub-rule (2) of Rule 4(C) of the Service Tax Rules, 1994 made under sub-section (1) and sub-section (2) of Section 94 of the Finance Act, 1994, now specifies conditions, safeguard and procedures for issuing of invoices, preserving records in electronic form and authentication of records and invoices by digital signatures.

Also, read the related blogs for better understanding: New GST Refund Procedure under the GST Regime

As per the notification, for issuing digital signature invoices and maintaining records in electronic form the following condition shall be complied, namely;-

Every assesse proposing to use digital signature shall use Class 2 or Class 3 Digital Signature Certificate duly issued by the Certifying Authority in India.
Every assesse proposing to use digital signatures shall intimate specified details to the Jurisdictional Deputy Commissioner of Central Excise.
Every assesse already using digital signature shall intimate to the jurisdictional Deputy Commissioner or Assistant Commissioner of Central Excise within 15 days of issue of this notification.
Every assesse who opts to maintain records in electronic form and who has more than one factory or service tax registration shall maintain separate electronic records for each factory of each service tax registration

Every assesse who opts to maintain records in electronic form shall ensure that appropriate backup of records in electronic form is maintained and preserved for a period of 5 years immediately after the financial year to which such records pertain.

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Tags: Assistant Commissioner of Central Exciseinserting Rule 4(C) in Service Tax Rules 1994new finance budget 2015sec 94 of finance act 1994service tax registration

11 years ago

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Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields. We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.