What is the rate of service tax?
15%
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%.
What is the due date for payment of service tax?
If the service tax payment is paid electronically through internet banking, then service tax payments are due on the 6th of every month and 31st of March. If service tax payment is paid by any other manner, then service tax payments are due on the 5th of every month and 31st of March for One Person Company (OPC).
Can service tax be paid now?
As you are aware, currently taxpayers are making payments of Central Excise duties and Service Tax arrears through EASIEST Portal, DG Systems has now integrated payments of CE & ST with ICE GATE portal and the new payment gate way portal “CBIC (ICEGATE) E-payment” will be operational w.e.f., 1st July, 2019 onwards.
What if Service Tax is not paid?
Penalty for Non-Payment of Service Tax A person is liable to 10% penalty of his service tax in case of non-payment of the same. No penalty if service tax and interest is paid within 30 days of service of notice.
What is the service tax rate applicable to you?
Service tax is charged at various rates due to availability of exemptions and abatements on various services. Use this chart to decide service tax rate applicable to you. There is change in service tax rate from 12.36% to 14% in budget 2015-16. Read following posts, When will new service tax rate 14% be applicable?
The due date for payment of service tax is the 5th of the month immediately following the respective quarter ( in case of e-payment, by 6 th of the month immediately following the respective quarter). For this purpose, quarters are: April to June, July to September, October to December and January to March.
When was e-payment of service tax made mandatory?
From 1 st April, 2010 e-payment of service tax has been made mandatory for the assessees who have paid service tax of Rs.10 Lakhs (cash+ cenvat) and above during the last financial year or who have paid service tax of Rs.10 Lakhs (cash + cenvat) and above during the current financial year.
What are notices issued for service tax?
Notices have been issued solely on the ground that receipts shown as per ITR are different as compared to receipts shown in service tax return. Further in case of persons, who were not liable to service tax, notices have been issued to make roving enquires on basis of their ITR. Notices are asking for plethora of information for 3-5 years.
Service Tax came into force w.e.f. 01-07-1994 and initial rate of Service Tax was 5%, since then rates have changed from time to time.
What is the effective rate of service tax under Section 66?
Thus, although charging section 66 specifies rate of 12% but, effective rate of service tax will be 10% with effect from 24-02-2009.. [Please Refer : Service Tax Notification No. 8/2009 ST, dated 24-02-2009 .] However such Notification has been rescind by Notification No. 2/2012 ST, which has restored Service Tax rate from 10% to 12%
What is the effective tax rate on PFY?
Thus, effective rate is 15%. Concession of 3% will be available, thus, making the effective rates as 15%, 21% and 27% p.a. Note 1: For the tax payers with value of taxable service less than 60 lakh rupees in PFY, interest rate for delayed payment will be @12% i. Payable by Individual, Proprietary Concern and Partnership firm: