Who should apply for registration under Service Tax law? Every person who has provided a taxable service of value exceeding Rs. 9 lakhs, in the preceding financial year, is required to register with the Central Excise or Service Tax office having jurisdiction over the premises or office of such service provider.

What is the rule of service tax?

Service tax rules state that even though the service provider has to pay tax to the government, it is the receiver of the service that actually pays the tax. Currently, it stands at 15%. Note: Service Tax has been replaced by the Goods and Services Tax (GST) starting 1 July 2017. …

Is service tax applicable on export of services?

Services that are deemed to be export of services are exempt from service tax. The service is not specified in the negative list of the service tax act. The place of provision of the services is outside India . The payment of service has been received by the provider in convertible foreign exchange.

What is the person liable to pay tax is called as?

An individual who is liable to pay taxes for the income earned during a financial year is known as a normal assessee. All individuals who pay interest/penalty or who are supposed to get a refund from the government are categorised as normal assessees.

What is the applicable time limit in service tax?

the Central Excise Officer may, within one year from the relevant date, serve notice on the person chargeable with the service tax which has not been levied or paid or which has been short levied or short paid or the person to whom such tax refund has erroneously been made, requiring him to show cause why he should not …

How is your service tax reverse charge?

When person receiving service is liable to pay service tax under reverse charge, he is not entitled to exemption which is available to a small service provider. Thus, the service receiver is liable to pay service tax even if value of service of service provider is less than Rs. 10 Lakhs.

What are the types of service tax?

There are Four GST types namely Integrated Goods and Services Tax (IGST), State Goods and Services Tax (SGST), Central Goods and Services Tax (CGST), and Union Territory Goods and Services Tax (UTGST).

Who is liable to pay the service tax?

Sec. 68 of the Finance Act, 1994 (‘Act’ for short) provides that every person providing taxable service to any person shall pay service tax at the rate specified in Sec. 66 in such manner and within such period as may be prescribed. Thus the service provider is liable to pay service tax.

What happens if there is a transfer of business?

provide payment instead of notice. If a transfer of business happens before the notice period ends, then the old employer must still pay the rest of the notice period.

Who is liable to pay tax under the CGST Act?

As per section 85 of the CGST Act if a taxable person who is liable to pay tax under the CGST Act transfers his business wholly or partially by way of sale, gift, lease, leave and license, hire, or in any other manner, shall be liable to pay tax along with the transferee, jointly and severally.

Do you have to pay tax on share transfer?

Angel investors transferring their shares, either by way of sale to follow-on investors or as a gift to family members. What most people do not know is that there are significant tax considerations to take into account whenever a share transfer takes place. These depend on whether you’re: