How many services are included in the service tax?
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Levy of service tax. 1.1 As on 1st May, 2011, 119 services are taxable services in India. These taxable services are specified in Section 65(105) of the Finance Act,1994. Section 64 of the Finance Act, 1994, extends the levy of service tax to the whole of India, except the State of Jammu & Kashmir.
What do you mean by declared service?
Declared services are taxable services that have been specifically included in “service” to remove any ambiguity on the tax ability of such transactions and to ensure uniformity of taxation on these transactions throughout the country.
What are the services exempted from service tax?
Any service that is provided or offered free of cost is exempt from service tax. Taxable services that are provided to diplomats and their family members for official purposes are exempt from service tax.
What is export of services under service tax?
As per the Service Tax Rules, any service provided or agreed to be provided shall be treated as export of service if all of the below mentioned conditions are met: The provider of service is located in India, except the State of Jammu & Kashmir. The recipient of service is located outside India.
What is service for the purpose of service tax?
Definition: Service tax is a tax levied by the government on service providers on certain service transactions, but is actually borne by the customers. This tax is payable only when the value of services provided in a financial year is more than Rs 10 lakh. This tax is not applicable in the state of Jammu & Kashmir.
Is it compulsory to pay service tax?
According to Union government approved guidelines in 2017, service charge on hotel and restaurant bills are voluntary and not mandatory.
What do you mean by exempted services?
exempted services means taxable services which are exempt from the whole of the service tax leviable thereon, and includes services on which no service tax is leviable under section 66 of the Finance Act, 1994 and taxable services whose part of value is exempted on the condition that no credit of inputs and input …
What is the taxability of services?
The taxability of services or the charge of service tax has been specified in section 66B of the Act. To be a taxable a service should be – ♦ and should not be specified in the negative list.
Is the taxability of a service specified in section 66B?
The taxability of services or the charge of service tax has been specified in section 66B of the Act. To be a taxable a service should be – ♦ and should not be specified in the negative list. 1. What is the significance of the phrase ‘agreed to be provided’?
When is a service taxable under the Income Tax Act?
(a) the person is providing, or shall provide a service that is taxable service if the person was registered; (c) there are reasonable grounds to believe that the person shall keep proper records and file regular returns as prescribed under this Act and the rules; and (ii) complied with his obligations under other applicable taxation laws.
What is Punjab sales tax on Services Act 2012?
Whereas it is expedient to provide for the levy of a tax on services provided, rendered, initiated, originated, executed, received or consumed in the Punjab and to deal with ancillary matters; 1. Short title, extent and commencement.– (1) This Act may be cited as the Punjab Sales Tax on Services Act 2012.