Is service tax abolished in India?
Is service tax abolished in India?
The correct answer is Service Tax. Goods and Service Tax (GST) has abolished the following taxes: Central Excise duty. Duties of Excise.
Is service tax allowed in India?
Service Tax is applicable to the whole of India except the State of Jammu and Kashmir. It also extends to the designated areas in the Continental Shelf and Exclusive Economic Zone of India. 02. The legal provisions for the levy and collection of Service Tax were introduced through Finance Bill 1994.
Is service tax still applicable in India after GST?
As per law, Service tax has been eliminated by GST but the service tax charge is still applicable in India.
What is current service tax?
2016 Union budget of India has proposed to impose a cess, called the Krishi Kalyan Cess, at 0.5% on all taxable services effective from 1 June 2016. The current service tax is at 15%.
Is service tax abolished after GST?
Abolition of service tax: Service tax was abolished with the rollout of GST on July 1, 2017, as the new tax subsumed service tax in addition to many other indirect taxes.
Who is exempt from service tax?
100% EXEMPTION AS PER NOTIFICATION NO. 25/2012- SERVICE TAX DATED 20.06. 2012
| S. No | Service Provider |
|---|---|
| 2 | 1.Clinical Establishment i.e. Hospital, Nursing Home, Clinic, Sanatorium, testing lab etc. 2.Medical practitioner i.e. Doctor.3.Paramedics i.e. Nursing Staff. |
| 2A | Core blood bank. |
| 2B | Operator. |
| 3 | Veterinary clinic. |
Who introduced service tax?
The Service Tax was introduced in India around 21 years back on July 1, 1994 at the recommendations of Dr. Raja Chelliah Committee on tax reforms. The introduction of this levy in India can be termed as milestone in Indian Tax history.
What is the rule of service tax?
Service Tax Registration Rules Every individual liable to pay service tax should register through Form ST-1 within 30 days from the date on which service tax was levied. If an assessee is providing more than one taxable service, they can mention all the taxable services provided by them in a single application.
What happens if service tax is not paid?
If an assessee has not filed his or her service tax return, then a late payment fee of Rs 500 will be charged for the initial 15 days of delay. If an assessee has not filed his or her service tax return, then a late payment fee of Rs 1,000 will be charged for delays ranging from 15 to 30 days.
