B Com Exam > B Com Videos > Indirect Tax Laws > Nature and Scope - Service Tax, Indirect Tax Laws
Nature and Scope - Service Tax, Indirect Tax Laws Video Lecture | Indirect Tax Laws - B Com
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FAQs on Nature and Scope - Service Tax, Indirect Tax Laws Video Lecture - Indirect Tax Laws - B Com
| 1. What is service tax and how does it relate to indirect tax laws? |  |
Ans. Service tax is a form of indirect tax levied by the government on certain services provided by businesses. It falls under the scope of indirect tax laws, which govern the taxation of goods and services rather than individuals or businesses directly.
| 2. What is the nature of service tax in relation to the Indian economy? | |
Ans. The nature of service tax in the Indian economy is that it is a consumption-based tax. It is imposed on the value of services rendered or received within the country. The tax is ultimately paid by the end consumer of the service, making it an indirect tax.
| 3. What are the key features of service tax under the indirect tax laws in India? | |
Ans. Some key features of service tax under the indirect tax laws in India include:
- Applicability: Service tax is applicable to specified services provided by businesses.
- Taxable value: It is levied on the value of the taxable service provided.
- Rate of tax: The rate of service tax can vary depending on the type of service.
- Payment and filing: Service tax payments and returns are required to be made periodically as per the prescribed due dates.
- Exemptions: Certain services may be exempt from service tax based on specified conditions or categories.
| 4. How does service tax differ from other forms of indirect taxes in India? | |
Ans. Service tax differs from other forms of indirect taxes in India, such as excise duty or customs duty, in terms of the taxable base. While excise duty is imposed on the manufacture or production of goods, and customs duty is levied on the import or export of goods, service tax is specifically applicable to services provided.
| 5. What is the scope of service tax in India? | |
Ans. The scope of service tax in India is broad and covers a wide range of services. It includes services provided by businesses such as banking, insurance, telecommunications, advertising, consulting, transportation, and many others. The scope is determined by the government and can be amended or expanded as per the needs of the economy.
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