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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 15%. The above rate comprises of Service tax @ 14% inclusive of ESHC, Swacch Bharat Abhiyan @ 0.5% and Krishi Kalyan Cess @ 0.5%.
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:
Rajput Jain and associates is the largest online service platform in India which provides easy solutions in starting their new business at affordable cost. We aim at helping the entrepreneurs at every legal and regulatory step. We stay as your partner during entire business cycle and ensure that the business keeps prospering and remains complaint.
Rajput Jain and associates is a network of experienced chartered accountants, lawyers, company secretaries, cost accountants, financial experts, expert bankers all over India to provide the needed services for small and medium size enterprises.
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Thank you very much for all your help in setting up my new company and clearing up all outstanding business in my sole trader accounts. For the first time in years I have peace of mind regards my business accounts. Your workforce are a credit to you, the girls at reception are so helpful and Chris has been brilliant. It is very much appreciated.
A US consultancy group
Rajput Jain & Associates. are a tremendous value added to me as an executive and a busy parent. It just makes sense to delegate my tax file to them -- they are proactive, extremely service oriented, and most importantly, I am completely confident they are finding every dollar of tax savings available to me.
A Leading Service Provider
We use Rajput Jain & Associates for all our accounting, Corporation tax, VAT and other compliance needs. The service is professional, courteous and prompt. I would recommend Rajput Jain & Associates to any company requiring a comprehensive accounting and tax service.
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