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Service tax is an indirect tax which is levied upon the taxable services defined u/s 66B of finance act 1994. Generally the service provider is liable to collect the service tax from service receiver and deposit the same to the central govt. account this account is administered by the Central Excise Department. Generally service provider is liable to deposit service tax to central govt. but in some circumstances service receiver is liable to deposit such tax to central govt. which is popularly known as reverse charge mechanism.
What does service means?
'Service' has been defined and means -any activity for consideration carried out by a person for another excluding services under negative list but includes a declared service. The said definition further provides that 'Service' does not include
To determine whether you are a “service” provider or not ask following question to yourself
Once a person indulges in providing taxable services and his turnover exceeds Rs. One million during any financial year he must have to register himself under service tax department.
Rate of service tax:
At present, the effective rate of Service tax is 12.36 %. The above rate comprises of Service tax @ 12 % on “Gross Value of taxable service”. Education cess [EC] @ 2 % on service tax amount Secondary and Higher Education cess [SHE] @ 1 % on service tax amount.
Interest and penalties for non compliance of service tax rules and regulations:
With a very extensive experience in service tax online services, we are adept in this field. We have been rendering our services in the following area:
Private Limited Companies are those types of companies where minimum number of members is two and maximum number is two hundred. A private limited company has the limited liability of members but at the same time it has many characteristics as those of a partnership firm. A private limited company has all the advantages of partnership namely flexibility, greater capital combination of different and diversified abilities, etc., and at the same time it has advantages of limited liability, greater stability and legal entity. In this sense, a private limited company stands between partnership and widely owned public company. Identifying marks of a private limited company are name, number of members, shares, formation, management, directors and meetings, etc., The maximum number of directors shall have to be mentioned in the Articles of Association. In the grand of privileges and exemptions, the Companies Act has drawn a distinction between an independent private company and other private company which is a subsidiary to the other public company.
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