SERVICE TAX MATTERS


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SERVICE TAX MATTERS

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 12.3%, so following services we covered.
Registration
Filing of return
Record to be maintained and invoice
Assessment

Maintenance of Records

With the pool of our diligent professionals, we are able to provide our clients with Maintenance of Input Credit Records services. We render these services in a cost effective and flexible manner abiding by the laws pertaining to these services. The details regarding Maintenance of Input Credit Records are mentioned below:
Who Is Liable To Register?
Any provider of taxable service whose aggregate value of taxable service received in any financial year exceeds Rs.9,00,000/-
An input service distributor is liable to register as per Notifn No: 26/2005 – ST dated 07/06/2005 as amended
Service receivers as specified in sec 68 (2) of Finance Act
Records To Be Maintained:
The records as maintained by the assessed in accordance with the various laws in force shall be accepted
Every assessed is required to furnish to the Superintendent of Central Excise a list of accounts maintained by him in relation to service tax
This is to be submitted only once at the time of filing the first ST- 3 return
Sales register
Purchase register
Cash book
General ledger