quarterly or half yearly

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This query is : Resolved

RAHUL KUMAR TAANK (Querist)

30 October 2010 is this right that service tax submit in case of individual or proprietory concerns and partnership firm quarterly basis?????

in waiting ...............

CA Navin Jain

CA Navin Jain (Expert)

30 October 2010 YES quarterly BASIS

CA Punit

CA Punit (Expert)

30 October 2010 right..
service tax on quarterly basis
& return on half yearly basis

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)

01 November 2010 In case of Individuals or Proprietary Concerns and Partnership Firm, service tax is to be paid on quarterly basis. The due date for payment of service tax is the 5th of the month immediately following the respective quarter.

And also noted that every person to pay service tax has to submit half yearly as per rule 7 of service tax act, 1994 read with section 70(1) of finance act, 1994.

At present, the effective rate of Service Tax is 10.3% on the value of the taxable service. The above effective rate comprises of Service Tax @10% payable on the “gross value of taxable service”, Education Cess @ 2% on the service tax amount, and Secondary and Higher Education Cess @ 1% on the service tax amount.

RAHUL KUMAR TAANK

RAHUL KUMAR TAANK (Querist)

02 November 2010 SIR, THX FOR ALL

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