Service Tax
Chapter V of the Finance Act, 1994
Amended upto Dec. 2010
Attached File : 36 service tax amended upto dec 2010 .pdf downloaded: 875 times
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All About Service Tax
Attached File : 36 service tax amended upto dec 2010 .pdf downloaded: 875 times
Replies (12)
What is Service Tax and who pays this tax?
Service tax is, as the name suggests, a tax on Services. It is a tax levied on the transaction of certain services specified by the Central Government under the Finance Act, 1994.
It is an indirect tax (akin to Excise Duty or Sales Tax) which means that normally, the service provider pays the tax and recovers the amount from the recipient of taxable service.
Who is liable to pay service tax?
Normally, the ‘person’ who provides the taxable service on receipt of service charges is responsible for paying the Service Tax to the Government (Sec.68 (1) of the Act).
However, in the following situations, the receiver of the Services is responsible for the payment of Service tax :
(i) Where taxable services are provided by foreign service providers with no establishment in India , the recipient of such services in India is liable to pay Service Tax,
(ii) For the services in relation to Insurance Auxiliary Service by an Insurance Agent, the Service Tax is to be paid by the Insurance Company
(iii) For the taxable services provided by a Goods Transport Agency for transport of goods by road, the person who pays or is liable to pay freight is liable to pay Service Tax , if the consignor or consignee falls under any of the seven categories viz. (a) a factory (b) a company (c) a corporation (d) a society (e) a co-operative society (f) a registered dealer of excisable goods (g) a body corporate or a partnership firm
(iv) For the taxable services provided by Mutual Fund Distributors in relation to distribution of Mutual Fund the Service Tax is to be paid by the Mutual Fund or the Asset Management Company receiving such service.
[ Refer: Sec. 68(2) of the Act read with Rule 2(d) of the Service Tax Rules, 1994.]
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FAQs on Service Tax
Good work sir ji, bookmarked..Your doing wonderful work in CCI....
| Originally posted by : BALU A HELPING HAND... | ||
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Good work sir ji, bookmarked..Your doing wonderful work in CCI.... |
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Welcome jee
Thanks a lot for your Valuable comment jee
TDS means ? send full detail about TDs plea...
thanks for the file sir its really helpful as it comprise of lot of diversified and detailed concept
| Originally posted by : Jay Bodha | ||
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thanks for the file sir its really helpful as it comprise of lot of diversified and detailed concept |
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Thanks a lot for your Valuable comment jee..........!!!!!!!!
| Originally posted by : M.SATHISHKUMAR | ||
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TDS means ? send full detail about TDs plea... |
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TDS MEANS TAX DEDUCTED AT SOURCES. THAT MEANS TAX SHOULD BE
DEDUCTED ON THE INCOME OF THE ASSEASSEE AT THE TIME OF
PAYMENT OR AT THE TIME OF CREDIT WHICH EVER IS EARLIER.
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Changes In TDS
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Today is Very Lucky for Me...!!!!!!!!!
how cenvat can claim on service tax
sir
if cenvat on service tax can claim if the payee has no service tax registration????????????
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