B Com Exam > B Com Videos > Indirect Tax Laws > Definition - Service Tax, Indirect Tax Laws
Definition - Service Tax, Indirect Tax Laws Video Lecture | Indirect Tax Laws - B Com
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FAQs on Definition - Service Tax, Indirect Tax Laws Video Lecture - Indirect Tax Laws - B Com
| 1. What is service tax? |  |
Ans. Service tax is an indirect tax levied by the government on certain services provided in India. It is applicable to services rendered by service providers and collected from service recipients. The tax is governed by the Indirect Tax Laws in India.
| 2. What are the key provisions of the Indirect Tax Laws related to service tax? | |
Ans. The key provisions of the Indirect Tax Laws related to service tax include the determination of the taxable value of services, the rate of tax applicable, registration requirements for service providers, filing of periodic returns, and payment of tax. The laws also outline the penalties and consequences for non-compliance.
| 3. How is service tax different from direct taxes? | |
Ans. Service tax is an indirect tax imposed on the provision of services, while direct taxes are levied on individuals and companies based on their income or profits. Unlike direct taxes, service tax is not directly paid by the person who receives the service but is collected from the service recipient by the service provider and remitted to the government.
| 4. What are some common services that are subject to service tax? | |
Ans. Some common services that are subject to service tax include telecommunication services, banking and financial services, insurance services, advertising and marketing services, legal and accounting services, transportation services, and event management services. However, the list of taxable services may vary and can be updated by the government from time to time.
| 5. How can one calculate and pay service tax? | |
Ans. Service tax is calculated on the value of taxable services provided, which is generally the consideration received for the service. The applicable tax rate is then applied to this value to determine the tax liability. Service providers are required to register with the tax authorities, file periodic returns, and make timely payment of the tax collected from service recipients. Failure to comply with these requirements can result in penalties and legal consequences.
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Dec 23, 2024 Last updated |
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