1 service tax basics
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Service Tax Basics Ajay Babu Bandi
M.Com,FCMA,ACA
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Service Tax BasicsService Tax--- is an indirect tax levied by the Central
Government on services provided by any person
It extends to whole of India except Jammu & Kashmir
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Objectives of Service TaxBroadening the tax base Increasing the revenue … andLarger participation of citizens in the
economic development of the Nation
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Levy (Section 66B of the Finance Act, 1994
is levied on the value of all services provided in the Taxable territory, except those services specified in the Negative List
The term Negative List represents those services which are not liable for service tax
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Requisites (Liable for Service Tax) Is it a service ?Is it covered in the Negative List ?
Value of taxable service…
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Liability…who??Service Provider –remits and collects the taxIn some cases—the recipient(REVERSE
CHARGE)…Certain cases– both Small Service Providers – upto ` 10
lakhs.. exempted
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Sources of Service Tax Law
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Service [Sec.65B(44)]Service means… any activity carried out by a person for
another, for consideration and includes a Declared Service
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ConsiderationConsideration includes … any amount that is payable for the taxable
services provided or to be provided
Form … Monetary, Non-Monetary or Deferred consideration
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Person [Sec.65B(37)]
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Money and Actionable Claims
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