Service Tax is a tax put on by the Central Government of India on services process. In 1994, people who ever is liable to return Service Tax was driven to certain rules. Both service provider and receiver were liable after these rules. In 2015, the rate of Service Tax was 14.5% but after introducing Swachh Bharat Cess and Krishi Kalyan Cess from June 2016 it became 15%. Almost all services are liable to Service Tax expect the following such as covered under the negative list, Mega Exemption Notification and which are provided outside the taxable territory.
Annuity of Service Tax
The payment can be done either monthly or quarterly for every year by who the payments are received. Proprietors, partnerships, and individuals must make payment quarterly, while companies and LLPs must make payment monthly.
Why should we register Service Tax?
Every single one who has provided a taxable service of value exceeding Rs.9 lakhs, in the previous financial year, is required to register with the Service Tax office having control over the establishment or office of such service provider.
Process for Service Tax Registration
Mandatory forms to given are PAN cards, identity, address proofs and four passport-sized photographs of the proprietor/partners/directors. In a case of Private Limited companies, they must submit the Memorandum and Articles of Association, Form 32, Form 18 and Certificate of Incorporation, while Partnerships must submit the Partnership Agreement. Lastly, the rental agreement for the office address, if it is rented, along with the electricity bill. It will then be filed and submitted to the authorities via our affiliates by our members. The application will be processed by the department and may involve a physical inspection. Once approved, the Service Tax Number will be issued. A certificate will also be issued. Our members will courier it to you when it is received from the government department.
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