What is recovery of service tax?
Table of Contents
What is recovery of service tax?
The main statutory provisions dealing with recovery of arrears in Service Tax are as follows: Section 73 of the Finance Act 1994, empowers Service Tax officers to take action for recover of arrears by way of issue of demand and pursing with the assessee.
What is the rate of interest on late payment of service tax?
Service Tax Interest Calculator with examples
| Period | Rate of Interest |
|---|---|
| 01.10.2014 to 13.05.2016 * | 2. 24% p.a. – Delay from 7th month to 12 month |
| 3. 30% p.a. – Delay for the period beyond 1 year | |
| 14.05.2016 onwards * | NOTIFICATION NO.13/2016-ST, DATED 01.03.2016 |
| 24% per annum : Service Tax collected but not paid before due date |
What do you mean by declared service?
Declared services are taxable services that have been specifically included in “service” to remove any ambiguity on the tax ability of such transactions and to ensure uniformity of taxation on these transactions throughout the country.
Can service tax penalty be waived?
There shall be no waiver of paying interest for delay in payment of service tax. Sec. 78 of the Finance Act, 1994 provides penalty for failure to pay service tax. It provides that any person, liable to pay service tax in accordance with the provisions of Sec.
Which services are taxable under service tax?
1. Levy of service tax
| Sr.No | Service Category | Date of Introduction |
|---|---|---|
| 1 | Advertising | 01.11.1996 |
| 2 | Air Travel Agent | 01.07.1997 |
| 3 | Airport Services | 10.09.2004 |
| 4 | Architect | 16.10.1998 |
What is negative list under service tax?
Negative List of Service Tax: Under Section 66D of the Finance Act 1994, a negative list of services have been outlined, which are deemed to be exempt from service tax. Any service provided that does not come under the purview of this list is liable to be levied with service tax.
Is service tax applicable now?
As per law, Service tax has been eliminated by GST but the service tax charge is still applicable in India.
What is the time limit for service tax notice?
The Customs, Excise, and Service Tax Appellate Tribunal (CESTAT), Delhi Bench ruled that the period of limitation to issue notice increased from 1 year to 18 months for raising demand for non-payment of service tax.
What is the threshold limit for service tax?
All service providers in India are required to obtain service tax registration once the annual aggregate taxable services revenue exceeds Rs. 9 lakhs. Service tax payment or liability accrues once the aggregate value exceeds Rs. 10 lakhs.
What are the rules on 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.
On which services GST is not applicable?
The back office sector will no longer have GST. Services outsourced to India or services carried on in India on behalf of foreign entities will not have 18% GST. Services related to renting property for residential purposes and renting rooms with charges less than Rs. 1000 per day.
What is current service tax rate?
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%.
Is filing of nil service tax return mandatory?
The Hon’ble Tribunal has held that the service provider is not required to file the Service Tax Return (even nil return) for that period as per the CBEC Circular No 97/8/2007-ST dated August 23, 2007.
What is section 73A (1) of the Income Tax Act?
Section 73A (1) provides that any person who is liable to pay service tax under the provisions of this Chapter or the rules made there under, and has collected any amount in excess of the service tax assessed or determined and paid on any taxable service under the provisions of this Chapter or the rules made there under from the recipient of tax…
Is discharge of service tax covered under Section 73 (3) of the Act?
In ‘Gurlein Manchanda V. Commissioner of Service Tax, Mumbai’ – 2015 (4) TMI 658 – CESTAT MUMBAI the Tribunal held that the discharge of the service tax on being pointed out, by appellant, gets covered under the provisions of Section 73 (3) of the Act .
What is the meaning of section 73A of section 35ad?
“73A. Carry forward and set off of losses by specified business. -(1) Any loss, computed in respect of any specified business referred to in section 35AD shall not be set off except against profits and gains, if any, of any other specified business.
What happens if the amount determined under section 73A is reduced?
– Where the amount determined under sub-section (4) of section 73A is reduced by the Commissioner (Appeals), the Appellate Tribunal or, as the case may be, the court, the interest payable thereon under this section shall be on such reduced amount. Explanation 2.
