applyservicetaxp

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21 06, 2016

New Service Tax Rate

Composition of Service tax rate A new cess called the Krishi Kalyan Cess had been introduced to be levied at 0.5% on the value of all taxable services w.e.f June 1, 2016. This Cess would be levied over and above the Service Tax (ST) and the Swachh Bharat Cess (SBC). Before 1st June 2016 – only Service Tax @ 14% and Swachh Bharat Cess @ 0.5% was applicable but from 1st June 2016 – Krishi Kalyan Cess is  also applicable and the effective ST had become 15%. The object of KKC is farmer welfare. KKC shall be levied and collected as Service tax on all the taxable services at the rate of 0.5% on the value of taxable services. Levy of KKC shall be in addition to any cess or Service tax leviable on taxable services. A case study is given below showing levy of ST, SBC & KKC is given below assuming RS.5000 as value of a taxable service: Particulars Tax/ Cess (Rs.) Value of taxable service (1) 5000 Add: Service tax @ 14% on (1) 700 Add: SB Cess @ 0.5% on (1) 25 Add: KKC @ 0.5% on (1) 25 Total: 5750 Every service provider is required to register for service tax if the value of ST exceeds Rs. 9 lakhs. List of taxable service is given below. […]

21 06, 2016

How to pay service tax after service tax registration ?

Procedure for Online e-payment of Service Tax Once you register for service tax, you become capable to pay service tax. ST can be paid online and physically. Service Tax Payment has to be made Monthly/Quarterly and in case of delay, late payment fine has to be paid. It is to be noted that in case the payment [...]

21 06, 2016

Which services are exempted to pay service tax ? Service Tax Exemptions

Service Tax Exemptions Every SP ( service provider ) including central, state government, and private service providers are liable to pay service tax online  except those SP which are listed on the negative list of services. Below are some cases where payment of ST can be avoided. Following are the Service Tax Exemptions : Registered individual [...]

21 06, 2016

What is Service Tax Number ?

Service Tax Number It is a unique 15 digit number allotted to the applicant on successful registration of service tax which will be required to be quoted on all invoices by the service provider. Service Tax Number is required for payment and filing of Service Tax Returns just like PAN Card No. is required for payment and filing [...]

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