Service tax
Service tax:- 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 exceed a specify threshold.
The taxation was levied on the value of taxable services provide 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 render. Some services were exempt 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.
FAQs:
Who is liable to pay Service Tax?
Generally, the service provider is responsible for paying the service tax, but they can collect it from the recipient of the service.
Is Service T. applicable on all services?
No, is only applicable to taxable services as per the government’s regulations.
What is the current S. Tax rate?
Service tax was replace by the Goods and Tax (GST) in India from July 1, 2017, so it no longer applies.
How was Services Taxes calculate?
It was calculate as a percentage of the value of the taxable service provide.
Is Services Tax applicable under GST?
No, service tax was subsume under GST, so services now attract GST instead.
Who was exempt from Services Tax?
Certain services such as agricultural services, education, and healthcare were exempt from tax.
What was the registration limit for Services Tax?
Service providers with taxable services exceeding ₹10 lakhs in a financial year were require to register and pay services tax.
Can Services Tax still be paid or claim?
No, as it has been replace by GST, services tax is no longer applicable or payable on current transactions.
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