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Service tax is levied by govt on the certain services. Here we provide all about this tax as news, updates, guidelines etc.
A charge of nearly INR 500 crores as a service tax will be paid annually in the consideration of Goods and Service Network by the central government. The previous thought was to obtain this amount from the taxpayers only, but as a good faith, the government decided to pay the service tax itself. GST Network […]
The Budget 2016 has introduced a new cess named as Krishi Kalyan Cess, which is applicable from June 1, 2016 at the rate of 0.5% on all the taxable services. With the imposition of this cess, the new effective Service Tax would henceforth be 15%. With the addition of KKC, all DTH, credit and debit […]
Ever checked out your bill precisely every time you go and dine out in a restaurant? If yes, your food bill would certainly have been more than what you expected. And in a rush, you don’t even try to cross check for the charges levied and leave the restaurant after paying the bill. The scenario […]
Service tax is a tax which imposed on taxable services provided in India (other than J&K). Due dates for liability of depositing service tax in the account of government is 5th of every month for the month ended, if payment mode is Offline (i.e. for the month of January due date for depositing service tax challan […]
From last some years, the lawsuits regarding the Service tax have increased due to absence of India’s most crucial taxation regime- Goods and Service Tax (GST). The GST Bill will remove several indirect taxes like service tax, VAT etc and it will create a single market for one dozen levies states.
This is a news of happiness for all the business entities as the ministry of finance (MoF) has released them from service tax on certain services including passport and licence etc. Now the commercial institutions would not need to pay service tax on certain public services that are provided by the government and local authorities. […]
Biggest indirect tax regime of india, the Goods and Services Tax (GST) is on its way to be adapted worldwide. After its inception, the present tax structure (Sales and Service Tax) will be replaced by the same. The need for GST in India is not only necessary to get rid from the troublesome current scheme of indirect taxes, but principally for reducing a huge number of exemptions, multiple rates and upgrading the tax compliances. Here we are going to put focus on some of the fundamental differences between the two and why the former is very prominent to be introduced soon.
The Service tax came into existence around 22 years back in July, 1994 under the Finance Act in India. Primarily, it is a tax, which is paid by the service provider to the government on certain service transactions, but actually recovered from the customers who take the services. It comes under the category of Indirect […]