Service tax
Service tax, a tax imposed imposed by the Government of India, was applicable to services rendered by services providers. It was introduced in 1994 and regulated under the Finance Act, 1994.
However, in 2017, it was replaced by the Goods and Services Tax (GST).
Under the services taxation system, services providers were mandated to register with the Central Board of Excise and Customs (CBEC) if their annual turnover exceeded a specified threshold.
The taxation was levied on the value of taxable services provided by the services provider. It was the responsibility of the services provider to collect the tax from the recipient of the service and remit it to the government.
The rate of services tax varied over time and was contingent on the nature of the services rendered. Some services were exempted from it, while others were subject to a lower tax rate.
Being an indirect tax, it was ultimately borne by the end consumer of the service.
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