Introduction 2 applicability service tax is applicable on taxable services 1 provided and taxable in the hands of service provider 2 received and taxable in the hands of service receiver: generally it is the service provider who is liable to collect service tax from. New delhi, august 11: the nda government has expressed the urgency to bring in the 122nd amendment in the constitution to incorporate the goods and service tax (gst) in. Service tax in india is an important form of indirect tax the central board of excise and customs (cbec) has the responsibility of collecting the levy in different states in india. Service tax in india a handbook 3 preface service tax handbook service tax has assumed significance in recent years as one of the major contributors to the. A person who was required to pay service tax under the service tax provisions for the period 1 st october 2007 to 31 st december, 2012, but remains outstanding as on 1 st march, 2013 is eligible to get benefit of the scheme provided the same was not detected by.
5 important features of gst (goods and service tax bill) after the 7 years of discussion between the centre and states it is been presumed that consensus on sharing tax revenue has now been developed the newly formed nda government is committed to introduce the bill. Salient features service tax is essentially an indirect tax individuals are required to pay the service tax only once in a quarter companies can. Service tax –the salient features 1 a tour of new features 2 tariff rate:tax shall be 10% + 2%ec + 1%sahin respectof certain servicesoptional ratesareavailableegair travel : pay at the above rates or at compounded rates0618 % for domestic bookings &1236% for international bookingsservice taxis payable generally by service providerexceptions come under “reverse.
Servicetaxpro is efficient software for chartered accountants, tax consultants, professionals and business entities you can manage service tax returns of multiple business entities with this software through customer definition and other important features of software. The service tax refund claims have to be made in accordance with section 11b of the central excise act 1944 which have also been made applicable to service tax vide section 83 of the act procedure for service tax refund for claiming self adjustment for excess service tax paid, the service provider shall comply with the following:-. Services tax (gst) is the biggest and substantial indirect tax reform since the year 1947 the main idea of gst is to take over existing taxes like value-added tax, excise duty, service tax and sales tax. In the process of reform of tax administration in india, gst will be playing a major role provided its enactment and implementation is done with absolute sincerity. A guide to mortgages with special features some mortgages come with special features which could help your cash flow or pay off your mortgage quicker read this guide to learn more about cashback, current account and offset mortgages.
20 meaning of goods and services tax (gst) goods and service tax (gst) is an upgraded version of value added tax (vat) gst is a consumption based tax and a comprehensive indirect tax which shall levy on the supply of goods and services. The main features or the salient features of gst (goods and service tax) gst is a centralized tax structure on goods and services throughout the country it is consumption tax that is collected on the basis of the value added at each stage. The octopus inheritance tax service gives your clients the opportunity to invest in the shares of one or more unlisted uk companies that are having a positive impact on the growth of the uk economy we select companies that we expect to qualify for business property relief (bpr) this is a government-approved relief from inheritance tax. Nature of service tax as per section 65 (95) of finance act , 1994 ,’sevice tax ‘ means tax leviable under the provision section 66 of finance act, 1994 is the charing section of service tax. Features of the new goods and service tax (gst) system the goods and services tax, or gst is a major indirect tax reform introduced in india by integrating the.
Cryptotradertax is the easiest way to calculate trading gains and report your cryptocurrency taxes crypto accountants pricing support blog get started crypto taxes done in minutes import trades, calculate gains, and prepare your 8949 in 10 minutes get started main features one page webflow template for your business beautifully designed. Important direct taxes are income tax, corporate tax and wealth tax important examples of indirect tax are vat, service tax, excise duties, import duties, etc over the years, india’s tax structure had come to rely more on indirect taxation. Good & service tax salient features of gst presented by goh kin siang deputy director of customs rtd its management sdn bhd.
Silent features of gst (goods and service tax) gst is a dual indirect tax structure wherein both centre and states have the power to levy tax gst does not distinguish between goods and services. Service tax was a tax levied by central government of india on services provided or agreed to be provided excluding services covered under negative list and considering the place of provision of services rules, 2012 and collected as per point of taxation rules, 2011 from the person liable to pay service tax person liable to pay service tax is.
Indirect tax is a type of tax that is levied on goods and services obtained by an individual this type of tax covers taxes such as gst, sales tax, service tax, vat, and others read all about types of indirect taxes, its features and benefits. Subject : service tax audit manual – regarding i am directed to say that as you are aware that taxation of services was started in july, 1994 in a limited way with three services and since then the scope has been extended considerably at present, 58 services are subjected to levy of service tax. Service tax is a tax levied by the government on service providers on certain service transactions, but is actually borne by the customers it is categorized under indirect tax and came into existence under the finance act, 1994 the salient features of levy of service. Definition: service tax is a tax levied by the government on service providers on certain service transactions, but is actually borne by the customers it is categorized under indirect tax and came into existence under the finance act, 1994 description: in this case, the service provider pays the.