X
View Mobile Number
Hi
terms privacy policy
Verifying...
1

Have a requirement?
Get Best Price

Hi
terms privacy policy
Verifying...
1

Have a requirement?
Get Best Price

Service Taxes

Service Tax was introduced in the year 1994 through insertion of Chapter V of Finance Act, 1994. Despite of the fact that there is no separate Act for levy and collection of the Service Tax, it has evolved as a major source of revenue for the central government. The finance Act, 2012 has provided for radical changes in the service tax regime (w.e.f. 1st of July, 2013) by providing that service tax is payable on all services rendered in taxable territory except for those mentioned under the Negative List (specified under Section 66D).

Being a relatively new tax and indefinite coverage, a very close monitoring, updation and follow-up is required for effective compliance of the service tax. The biggest hurdle in compliance of this law are the frequent procedural changes, policy framework and the intention of the government to cover as many services as possible including services like sale of food in air conditioned restaurant, renting of commercial property, sale of flats by builders before completion, reverse charge of service tax from recipient of services etc.

The key to effective management of service tax lies in the accuracy in understanding of the tax liability, knowledge of the latest amendments and timely compliance together with proper representation in the department.

+ Read More
Tell us what you need, and we’ll help you get quotes
Tell us what you
need
Receive seller
details
Seal the deal
Pay with IndiaMART
Tell us what you need, and we’ll help you get quotes
terms privacy policy