SERVICE TAX SERVICES
INCOME TAX SOLUTIONS
The concept of service tax was first introduced
in India in 1994, its scope has gradually
increased, in view of the revenue earning
potential. The service tax, that is indirect
tax, has become a buzzword in the taxation laws
and envisaged as the tax of the future.
Applicability of the service tax: The
service tax is payable on all the taxable
service rendered in India (except Jammu &
Kashmir), whether to an Indian or foreign
client. However services rendered abroad shall
not attract service tax levies, as it extends
only to services provided within India however
services have been classified with effect form
15.3.2005 which shall determine their taxability
in case the payment is received in convertible
foreign exchange. The rate of service tax is 10%
ad valorem plus education cess of 2%.
Provides following service tax services for
their service tax clients:
Record to be maintained and invoice.
Payment of service tax
Classification of services
Adjustment of excess service tax paid
Credit of service tax paid
Calculation Interest and penalty
Notice and visit by departmental officer
Revision and appeal
Refund of tax.