How is your service tax in India?

Current service tax rate is 12.36%. You invoice your client Rs 84270 and Rs 9270 will be service tax collected from the client and which has to be deposited to the government.

What is service tax in India with example?

2009 the rate of service tax is 10% on gross value of the taxable service plus 2% Education Cess on the service tax amount and 1% Secondary Higher Education Cess on the service tax amount. Example: Suppose the value of taxable service is Rs. 100. Service tax @10% will be Rs.

What is service tax and how it charged?

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.

What are the uses of service tax?

Service tax was paid to the government in exchange for different services received from service providers. Though the tax was paid by service providers, it was recovered from customers who bought or availed of the taxable services.

Is service tax and GST same?

Service tax was levied on “provision of services” while GST will be levied on supply of services. Krishna: Arjuna, in Service tax the rate is 15%, while in GST the rate of tax on services might be 12% or 18%. The rate of tax on Services will be defined according to the Service Accounting Code.

What is the definition of service tax in India?

Understanding service tax in India- what is it, relevant sections, point of taxation, applicable rate, service tax return and payment due date. Service tax in India is a type of indirect tax charged on the services provided by a service provider.

What are the different types of taxes in India?

Broadly the taxes in india are divided in 2 main Categories : A. Direct Taxes : Tax payers directly paid the taxes to the Government Examples : Income Tax, Wealth Tax, Corporate Taxes B. Indirect Taxes : the tax paid indirectly to the government known as Indirect Taxes. It’s Levied on the Goods and Services Providers.

Is there a digital service tax in India?

Alike a corporate tax, a digital tax is a tax levied on companies that do not have a taxable presence in India but generate huge revenues and profits from India through their digital presence and business model. There is no internationally recognized system to tax major global giants yet, which has been providing these companies an easy escape.

What is the current rate of service tax?

Currently, the rate is 14%. What is service tax? It is a type of indirect duty levied on particular services that are categorized as taxable services. The responsibility of paying this kind of levy lies on the service provider.

How is your service tax in India? Current service tax rate is 12.36%. You invoice your client Rs 84270 and Rs 9270 will be service tax collected from the client and which has to be deposited to the government. What is service tax in India with example? 2009 the rate of service tax is 10%…