Service Tax

Service Tax was a tax that was levied by the Central Government of India on the services provided by service providers. This indirect tax came into being under the Finance Act, 1994. It was set at 15% for transactions that occurred on or after 01 June, 2016. The tax was to be paid to the government in order to enjoy different services that were received from service providers. In that case, the tax was paid by service providers, but recovered from service receivers who purchased or received the taxable services.

Service Tax in India The service tax in India was imposed under Section 65 of the Finance Act, 1994. With the roll-out of the budget of 1994, it came into effect from July 1, 1994, the services that were included under the service tax were increased gradually from 1994. They were extended to incorporate services provided by air-conditioned restaurants, lodging (both long and short term), guest houses etc. Furthermore, based on the regulations, the service tax was charged from companies as well as individual providers. While companies could pay it on the basis of accrual, individuals had to pay tax via cash. The tax, however, had to be paid only if the value of the services provided exceeded INR 10 lakh rupees in the single financial year. This addition to the service tax rules was not applicable to Jammu and Kashmir.

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