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Procedure for Service Tax - Service Tax, Indirect Tax Laws Video Lecture | Indirect Tax Laws - B Com
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FAQs on Procedure for Service Tax - 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 tax levied by the government on certain services provided by service providers. It is governed by the indirect tax laws, which regulate various taxes imposed on goods and services. These laws set out the rules and regulations for the assessment, collection, and enforcement of service tax.
| 2. What are the procedures for service tax registration? | |
Ans. The procedure for service tax registration involves the following steps:
1. Fill out the application form ST-1 and submit it online or manually to the concerned tax authority.
2. Provide all the required documents such as proof of address, PAN card, identity proof, etc.
3. Obtain a Service Tax Registration Certificate (STRC) after the successful verification of the application.
4. Once registered, the service provider must charge and collect service tax from their clients and file regular service tax returns.
| 3. How is service tax calculated? | |
Ans. Service tax is calculated on the value of taxable services provided. The current service tax rate is 18% (subject to change as per government notifications). To calculate the service tax amount, multiply the value of taxable services by the applicable service tax rate. For example, if the value of taxable services is $100, the service tax amount would be $18.
| 4. What are the due dates for filing service tax returns? | |
Ans. The due dates for filing service tax returns vary depending on the type of service provider:
1. Individuals, sole proprietors, and partnership firms: The due date for filing service tax returns is quarterly, i.e., by the 25th of the month following the end of the quarter (April-June, July-September, October-December, January-March).
2. Companies and LLPs: The due date for filing service tax returns is monthly, i.e., by the 25th of the following month.
| 5. Can service tax be claimed as input tax credit (ITC)? | |
Ans. No, service tax cannot be claimed as input tax credit under the Goods and Services Tax (GST) regime. However, under the previous service tax regime, service providers could claim input tax credit on service tax paid on input services used for providing taxable services. This input tax credit could be utilized for the payment of service tax liability.
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Dec 23, 2024 Last updated |
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