What is the threshold limit for service tax?
All service providers in India are required to obtain service tax registration once the annual aggregate taxable services revenue exceeds Rs. 9 lakhs. Service tax payment or liability accrues once the aggregate value exceeds Rs. 10 lakhs.
How do you calculate service tax?
How Do I Calculate Service Tax? The amount of tax that can be levied is calculated as a percentage of the charges received/paid for the provision/receipt of services. Service tax is levied at the rate of 15% of the value of taxable services.
How much is the service tax?
Calculation of Service Tax From the 1st of June 2016, service tax is levied at 15% of the value of taxable services under Section 66 of the Service Tax Act. The 15% includes 0.5% Krishi Kalyan Cess and 0.5% Swach Bharat Cess.
How can I check my Service Tax number online?
Who requires to be registered?
- Go to the website of Central Board of Excise and Customs.
- Enter the code of 15 digits and clear the step of image verification. Both service tax assessees and central excise assessees can be found by this method.
- The information that you will receive is given below: Address of Assessee.
How can I access my old Service Tax portal?
How to access Service Tax (ST) application? Visit www.aces.gov.in, click on Service Tax button and, enter your username and password to login in to Service Tax application.
What do you mean by service tax?
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.
What are the elements of service tax?
Name and address of the service receiver. Name, address and registration number of the service provider. Classification, description as well as taxable service value of the service that is rendered. Payable service tax amount to be mentioned on the invoice.
How is your service tax Meaning?
Definition: Service tax is a tax levied by the government on service providers on certain service transactions, but is actually borne by the customers. This tax is payable only when the value of services provided in a financial year is more than Rs 10 lakh. This tax is not applicable in the state of Jammu & Kashmir.
