When is service tax applicable in india

Description: If the prices of goods and services do not include the cost of negative externalities or the cost of harmful effects they have on the environment, people might misuse them and use them in large quantities without thinking about their ill effects on the env. It is an indicator of the efficiency with which a company is deploying its assets to produce the revenue. Asset turnover ratio can be different fro. Choose your reason below and click on the Report button.

This will alert our moderators to take action. Nifty 17, InterGlobe 2, Market Watch. ET NOW. Brand Solutions. Video series featuring innovators. ET Financial Inclusion Summit.

Malaria Mukt Bharat. Wealth Wise Series How they can help in wealth creation. Honouring Exemplary Boards. Deep Dive Into Cryptocurrency. ET Markets Conclave — Cryptocurrency. Reshape Tomorrow Tomorrow is different. Let's reshape it today. Corning Gorilla Glass TougherTogether. Updated on : Aug 26, - PM.

Add it to the total value of your service and the client has to make the payment inclusive of this tax. Current service tax rate is Service tax on it shall be Rs You invoice your client Rs and Rs will be service tax collected from the client and which has to be deposited to the government. Service tax payments can be done online. Doing these payments online is mandatory if your payments exceed Rs 1lakh in a year. Interest may also become payable for any delays in depositing service tax with the government.

Once you obtain a Service Tax Registration number, return filing is compulsory for you. Do reach out to us cleartax. However, payment for the last quarter i. January to March is required to be made by 31 st of March itself.

However, payment for the month of March is required to be made by 31st of March itself. From 1 st April, e-payment of service tax has been made mandatory for the assessees who have paid service tax of Rs. The e-payment shall be made only in designated banks by 6 th day of the following month. Assessees may contact jurisdictional office for details of the designated banks.

The correct accounting heads have been given in the table showing the 'List of Services' in para 1. He can not retain the sum so collected with him by contending that service tax is not payable. Here the word 'import' is used just to indicate service provided by a person who has established his business or has his permanent address outside India and the recipient of such service is such a person who has his permanent address or usual place of business in India.

This provision is not applicable in case of individuals who have received such service other than for the purpose of use in business or commerce. In case where the service provider is a non-resident or is from outside India and does not have office in India , the person receiving the service shall be liable to pay the service tax. However, there is a common condition which is required to be fulfilled by all the taxable services irrespective of the group they belong to to qualify as exported services.

It is necessary that the common qualifying conditions as well as the group-specific conditions are fulfilled so as to treat the provision of any such service as export of service. For the purpose of filing returns half year is counted from April to September and October to March. In case the assessee has opted for provisional payment of service tax, he is required to file the service tax return in form S. Currently, there are STRPs functioning at various locations spread out all across the country.

The service tax assesses can log on to www trpscheme. Rule 7B of Service Tax Rules, This facility is available for all the categories of service providers. However, in respect of assesses who have paid total service tax of rupees ten lakh or more including the amount paid by utilization of CENVAT credit, in the preceding financial year, electronic filing of return is mandatory. It is provided under section 75 of the Finance Act, that in case of delayed payments after due date the assessee is required to pay simple interest at the rate prescribed.

Notification No. The table below shows the rate of interest applicable at relevant period of time. The provisions made under each section are separately discussed below. Time limit for serving a notice under this situation is 'one year' from the relevant date. Where the service of notice is stayed by order of court, such stay period shall be excluded.

The said Collector, on receipt of such certificate shall proceed to recover from such person the amount specified thereunder as if it were an arrear of land revenue.

Section 80 provides for non-imposition of penalty in certain cases falling under sections 76, 77 and 78 if there is reasonable cause for such failure. Initially, this facility was extended for 10 selected categories of services. However, from Assessees can pay service tax through Internet Banking facility extended by certain banks.

The following banks offer the facility of e-payment of service tax:. While the measure is aimed at bringing efficiency by automating the processes, it is anticipated that this would cut down the time and cost of tax payers and also result in a steady increase in more and more assessees adopting this facility. For taxpayers who opt to maintain account with the concerned bank and willing to use Internet banking facility :.

The validation is mandatory and only successful entrants will be allowed to proceed further. This will ensure that the bank is not collecting and accounting indirect tax revenue for a Commissionerate for which it is not authorized.

Click here Consolidated instructions on compassionate appointment-Replacement of Para regarding. Click here Reminder-data collection on pending compassionate appointment applications-reg. Chairman's Desk. Taxpayer Assistance. GST Common Portal. Indian AEO Programme.

Public Information. Stakeholder Consultation. Departmental Officers. Till Nil 4. Nil 5. Period Rate of Interest 1. Section Offence Details 1 76 Failure to pay service tax In addition to the service tax and interest, penalty not less than Rs.