When was service tax introduced

Facebook Twitter Youtube Instagram Subscribe. Data: Imports to India during the first half of back to the Pre-pandemic levels November 12, 0. Review: Telangana HC says that assurance by chief minister, ruling party or even by the governor does not become law of the land. November 10, 0. Introduced in after the recommendation of Tax Reforms committee Service Tax was first introduced in From 3 services in to a negative list regime The service tax regime started with 3 services under the tax net in and progressively increased to different services in Service Tax revenue increases by over times in 22 years From a mere Rs crore in , the service tax revenue has increased to Rs crore in , an increase of more than times.

Indian on February 25, pm. Stealing the money from the public using a jargon terms. In case the assessee has opted for provisional payment of service tax, he is required to file the service tax return in form S. Currently, there are STRPs functioning at various locations spread out all across the country. The service tax assesses can log on to www trpscheme.

Rule 7B of Service Tax Rules, This facility is available for all the categories of service providers. However, in respect of assesses who have paid total service tax of rupees ten lakh or more including the amount paid by utilization of CENVAT credit, in the preceding financial year, electronic filing of return is mandatory.

It is provided under section 75 of the Finance Act, that in case of delayed payments after due date the assessee is required to pay simple interest at the rate prescribed.

Notification No. The table below shows the rate of interest applicable at relevant period of time. The provisions made under each section are separately discussed below. Time limit for serving a notice under this situation is 'one year' from the relevant date. Where the service of notice is stayed by order of court, such stay period shall be excluded. The said Collector, on receipt of such certificate shall proceed to recover from such person the amount specified thereunder as if it were an arrear of land revenue.

Section 80 provides for non-imposition of penalty in certain cases falling under sections 76, 77 and 78 if there is reasonable cause for such failure. Initially, this facility was extended for 10 selected categories of services.

However, from Assessees can pay service tax through Internet Banking facility extended by certain banks. The following banks offer the facility of e-payment of service tax:.

While the measure is aimed at bringing efficiency by automating the processes, it is anticipated that this would cut down the time and cost of tax payers and also result in a steady increase in more and more assessees adopting this facility.

For taxpayers who opt to maintain account with the concerned bank and willing to use Internet banking facility :. The validation is mandatory and only successful entrants will be allowed to proceed further. This will ensure that the bank is not collecting and accounting indirect tax revenue for a Commissionerate for which it is not authorized. Click here Consolidated instructions on compassionate appointment-Replacement of Para regarding. Click here Reminder-data collection on pending compassionate appointment applications-reg.

Chairman's Desk. Taxpayer Assistance. GST Common Portal. Indian AEO Programme. Public Information. Stakeholder Consultation. Departmental Officers. Till Nil 4. Nil 5. Period Rate of Interest 1. Section Offence Details 1 76 Failure to pay service tax In addition to the service tax and interest, penalty not less than Rs. Failure to keep, maintain or retain records- Up to Rs. Failure to pay tax electronically by the person required to pay tax electronically- upto Rs.

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Repo Rate Repo rate is the rate at which the central bank of a country RBI in case of India lends money to commercial banks in the event of any shortfall of funds.

Sovereign Risk A nation is a sovereign entity. Definition: Service tax is a tax levied by the government on service providers on certain service transactions, but is actually borne by the customers. Service Tax was earlier levied on a specified list of services, but in the budget, its scope was increased. Services provided by air-conditioned restaurants and short term accommodation provided by hotels, inns, etc. It is charged to the individual service providers on cash basis, and to companies on accrual basis.

This tax is payable only when the value of services provided in a financial year is more than Rs 10 lakh. Watch the video here to learn more about Service Tax. Service tax had been first levied at a rate of five per cent flat from 15 July till 13 May , at the rate of eight percent flat w. Finance Act, has imposed a new secondary and higher education cess of one percent on the service tax w. The revenue form the service tax to the Government of India have shown a steady rise since its inception in The tax collections have grown substantially since i.

The total number of Taxable services also increased from 3 in to in However, from 1 July the concept of taxation on services was changed from a 'Selected service approach' to a 'Negative List regime'.

This changed the taxation system of services from tax on some Selected services to tax being levied on the every service other than services mentioned in Negative list.

Service tax is only liable to be paid in case the total value of the service provided during the financial year is more than Rs.