Introduction
CBEC with an intention to appropriately administer the tax collection has introduced Annual Information Return (AIR) under Central Excise and Service tax provisions. Presently the system of AIR is being used extensively under Income tax and now the same being extended under indirect tax regime as well.
Vide notification no.04/2016 dated 15.02.2016, CBEC has introduced Service Tax and Central Excise (Furnishing of Annual Information Return) Rules, 2016prescribing the class of person required to file information return, periodicity, form and manner of return which are discussed below:
Class of persons required to file information return
The information return shall be furnished annually by following persons:
- An officer of the RBI duly authorised
- Officer of a State Electricity Board or an electricity distribution or transmission licensee under the Electricity Act 2003, or any other entity entrusted with such functions by the Central Government or State Government, who is duly authorised by such State Electricity Board or an electricity distribution or transmission licensee or other entity.
Nature and value of transactions covered
- The officer of the RBI shall furnish details of foreign remittances for the receipt of services declared under specified purpose codes for such entities whose value of remittances aggregates to more than Rs.50 lakh in a financial year to which the return pertains.
- The Principal Chief Commissioner or the Chief Commissioner of Central Excise and Service Tax in-charge of the Central Excise or Service Tax Zone, would identify the manufacturer and intimate The officer of State Electricity Board by 30th June of the subsequent financial year. The officer of State Electricity Board shall furnish electricity consumed by such manufacturers, using an induction furnace or rolling mill to manufacture specified goods, whose aggregate value of clearances exceeds Rs.150 lakh in financial year to which the return pertains. This information would be helpful in determining the production by steel rolling mills.
Periodicity of return
AIR shall be filed on or before the 31stof December of the financial year following the financial year to which the return pertains. As this provision is effective from 1st April 2016, the specified persons need to file the return for FY 2015-16 by 31st December 2016.
Manner of filing return
The annual information return shall be filed electronically in Form AIRF along with the concerned Annexure.CBEC shall designate an officer in this behalf for administration of furnishing of AIR including specification of the procedures, data structure, format etc. Until the such officer is designated, the said returns would be required to be filed in a computer readable media being a Compact Disc-Read only Memory (CD-ROM) or a Digital Video Disc (DVD).