Service tax is a tax on services provided in India. Service tax is levied under the Finance Act, 1994 on every service except negative list of services as specified by the Government.
SERVICE TAX RETURN FILING
Service tax is an indirect tax levied on the services provided by a service provider in India to the servicer receiver. This tax is based on Value Added Concept and Service provider is liable to pay tax only on the value-added amount. Service tax is paid by the end consumer of the service and the service provider is responsible for collection of remittance from the recipient of the taxable service. At present, Service Tax is levied at 14 % on the value of the taxable service.
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Persons or entities liable to pay service tax and having service tax registration must file service tax returns in Form ST-3 or Form ST-3A. Service tax returns are due half-yearly and which is compulsory even NIL return must be e filed. Service tax payment must be paid by entity electronically or manually on the respective due date.
Simple Steps To Service Tax Return Filing Process!
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Rajput Jain & Associates can help you file e file your service tax return online. Our service tax experts can help you compute your service tax liability, e file the service tax return and keep you in compliance with service tax regulations. Use Remind Due, an online cloud compliance reminder service from Rajput Jain & Associates to get reminders for service tax return and service tax payment due dates.
Use Reminded to know more about your due dates for service tax return filing due date and service tax return payment due date.
What Are You Waiting For?
- We provide Ad-Hoc Consultancy onTDS, Services Tax, Income Tax, International Taxation on case to case basis.
- As per the requirement of the client, consultancy can be followed by opinion in writing on the issues discussed.
- Only opinion in writing based on the specific queries of the client. Read More
SERVICES ON RETAINER SHIP BASIS
- Guidance over phone or email throughout the year.
- Once in a month/ quarter visit to the client’s premises for test checking the records and solving on the job queries of the operating staff.
- Draft Reply to the letter received from department.
- Filing of Monthly/ Quarterly Returns On-line. Read More
INTERNAL, EXCISE, SERVICE TAX, TAX AUDIT
- To carry out detailed Internal Audit or Compliance Study of the documents generated and records maintained and then submit the report consisting of ‘Financial Implications’, ‘Revenue Loss to the Government’ and ‘Procedural Lapses.
- This will help to minimise the likely objections from the department during their audit Read More
OTHER RELATED SERVICES
- Obtaining Central Excise and Service Tax Registration
- Obtaining ‘Import Export Code Number’
- In-House Training for operating staff on Excise and Service Tax.
- E filing of Excise & Service Tax Returns.
- Preparing Draft Reply for letters received from dept.
- Handling Show Cause Notices received from the dept. Read More
Frequently Ask Questions (FAQ’s) on Service Tax
Since service tax is an indirect tax, it is paid by the final consumer. A person, providing services, has to levy service tax on the amount of service charge. Also, small scale service providers who provide less than Rs.10 lakhs of taxable service a year is exempt from service tax.
Service tax registration is a mandatory registration for service providers who have taxable service of value exceeding Rs.9 lakhs, in the previous financial year. Service tax registration facilitates in the identification of assesse, payment of service tax and filing of service tax returns.
Any person who has provided taxable service of value exceeding Rs.9 lakhs in the preceding financial year is required to obtain service tax registration. When a person commences a new business, he/she is required to obtain service tax registration within 30 days of commencement, if the business will have taxable service in excess of Rs.9 lakhs.
Service Tax Highlights
All persons or entities liable to pay service tax or having service tax registration must file service tax returns. Entities having service tax registration are mandatorily required to file service tax returns, i.e, if a person has ST registration but not having taxable turnover exceeding Rs.10 lacs, then me must have to fill a NIL Return for compliance under the act. Service tax return must now be e filed.According to Rule 7(1) of Service Tax Rules, 1994 every Assesse shall submit Half Yearly Return in Form ST-3.There is a Single Service Tax return for all the taxable Services.
Every Assessee who has registered for Service Tax and has been assigned a Service Tax Registration number is required to fill a service tax return on half yearly basis. Irrespective of Assessee has provided with taxable services in the period or not, he is required to file for service tax return on or before due date as mentioned below:-
Although the service tax return is filed half yearly, payment of service tax received by the Service Provider shall be deposited to the Government on monthly/quarterly basis. The Service tax return is required to filed in "Form ST - 3" or "ST - 3A (for paying ST under Provisional Basis)” as the case may be and shall include the following details:
- The Value of Taxable Services charged / billed.
- The Value of Taxable Services realised.
- The Amount of Service Tax Payable/Paid.
Late Fee for Delay in Filling Service Tax Return
Service tax payment can be made online through net banking for all assesses having a service tax due of Rs. 1 lakh or more in the preceding financial year. Others can make the payment through cheque or demand draft.
All services provided in India are taxable except the negative listed services mentioned in section 66D.
The effective rate of Service Tax is 14% on the value of the taxable service