What are the provisions of service tax registration?

What are the provisions of service tax registration?

Service Tax Registration Rules

  • Every individual liable to pay service tax should register through Form ST-1 within 30 days from the date on which service tax was levied.
  • If an assessee is providing more than one taxable service, they can mention all the taxable services provided by them in a single application.

What are the provisions regarding of service tax returns?

In case the aggregate value of taxable services provided by a service provider is less than Rs. 10 lakh over the course of the previous financial year, you can claim exemption from service tax. In case the aggregate value of taxable services provided over the course of the previous financial year is more than Rs.

What is service tax discuss the main feature of service tax?

Service tax is a tax levied by the government on service providers on certain service transactions, but is actually borne by the customers. It is categorized under Indirect Tax and came into existence under the Finance Act, 1994.

What are the uses of service tax?

Definition: Service tax is a tax levied by the government on service providers on certain service transactions, but is actually borne by the customers. It is categorized under Indirect Tax and came into existence under the Finance Act, 1994.

Which services are taxable under Service Tax?

1. Levy of service tax

Sr.No Service Category Date of Introduction
1 Advertising 01.11.1996
2 Air Travel Agent 01.07.1997
3 Airport Services 10.09.2004
4 Architect 16.10.1998

What is export of services under Service Tax?

Services that are deemed to be export of services are exempt from service tax. The service is not specified in the negative list of the service tax act. The place of provision of the services is outside India . The payment of service has been received by the provider in convertible foreign exchange.

Which services are taxable under service tax?

What is export of services under service tax?

What are the types of service tax?

There are Four GST types namely Integrated Goods and Services Tax (IGST), State Goods and Services Tax (SGST), Central Goods and Services Tax (CGST), and Union Territory Goods and Services Tax (UTGST).

What are the elements of service tax?

Name and address of the service receiver. Name, address and registration number of the service provider. Classification, description as well as taxable service value of the service that is rendered. Payable service tax amount to be mentioned on the invoice.

What is place of provision of service?

The place of provision of service is the location of the service recipient. If the location of the service recipient is not available, then the location of service provided will be as per the place of provision of services listed below.

What is negative list under service tax?

Negative List of Service Tax: Under Section 66D of the Finance Act 1994, a negative list of services have been outlined, which are deemed to be exempt from service tax. Any service provided that does not come under the purview of this list is liable to be levied with service tax.

What is the law relating to service tax?

Thus, the law relating to Service Tax is still governed by Chapter V of the Finance Act, 1994 (Sections 64 to 96I). Initially the service tax rate was 5% of the gross value of service. This was enhanced to 8% in 2003 Budget (with extension of credit facility acrossed the services).

What are the features of service tax?

Features of Service Tax. Scope: It is leviable on taxable services ‘provided’ or ‘to be provided’ by a service provider. The services ‘to be provided’ in future are taxed only if payment in its respect is received in advance. Two separate persons required Payment to employees not covered: For charge of service tax,…

What is service tax and how much does it cost?

With effect from 1 January 2019, service tax also applies to imported taxable services. Service tax is a final tax with no credit mechanism. Therefore any service tax incurred by a business is a final cost. The current rate of service tax is 6%.

Is service tax a final tax?

Service tax is a final tax with no credit mechanism. Therefore any service tax incurred by a business is a final cost. The current rate of service tax is 6%. Taxable services are prescribed in broad categories on a positive list.