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Saturday November 17 2018

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  latest news heading 12 Jul, 2014 E-filing facility for tax returns suspended Amendment in Tax Audit report Form 3CD E-filing .....  
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gradient   updates Located in the southern peninsula of the Asian continent, India is the seventh largest and second most populous country ...
 
 
 
 
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Service Tax > Service Tax Procedure & Refund
 
audit
Service tax is a tax levied on specified services provided by the service provider (including private businesses). This tax is normally charged by the service provider from the person to whom service is provided and is then deposited in government’s account.
RATE OF SERVICE TAX : At present, the effective rate of Service tax is 10.30 %. The above rate comprises of Service tax @ 10 % on “Gross Value of taxable service”. Education cess [EC] @ 2 % on service tax amount. Secondary and Higher Education cess [SHE] @ 1 % on service tax amount.
TAXABLE SERVICE: The Act provides the list of services to which the Act applies in section 65 (105) of the Act. At present there are more than 119 services covered under the service tax net.
TAXABLE VALUE: Valuation under service tax is only with reference to the valuation rules namely “Service Tax (Determination of Value) Rules, 2006”.
TAX LIABILITY: One major change made in service tax effective from 01-04-2011 is the introduction of Point of Taxation Rules, 2011 to (a) introduce the provisions relating to payment of service tax on accrual basis instead of receipt basis and (b) to specify date relevant for determining rate of service tax. So far the provision was that service tax was payable on receipt basis i.e. on receipt of payment of the invoice or bill from the customer or receipt of advance, whichever is earlier. Now w.e.f. 01-04-2011, service tax will be payable on billing basis and not on ‘receipt of payment’ basis i.e. on accrual basis and not cash basis (option has been granted to assessee to continue payment on receipt basis upto 30-06-2011, if they so desire.
PERSONS LIABLE TO SERVICE TAX: Any provider of taxable service whose aggregate value of taxable service received in any financial year exceeds Rs.10,00,000/- An input service distributor. Service receivers as specified in sec 68 (2) of Finance Act. *Where a provider of taxable service provides one or more taxable service from one or more premises, the aggregate value of all such taxable services and from all such premises and not separately for each services or each premises shall be taken into account for computing “aggregate value of taxable service.
Input service distributor means on office managing the business of manufacturer or producer of final products or provider of output services, which receives credit towards purchase of input services and issues invoice, bill or, challan for the purpose of distributing the credit of service tax paid.
The Input service distributor shall distribute Cenvat credit in respect of service tax, among its manufacturing units or among those providing output services. The Input service distributor must ensure that such a distribution should not exceed the service tax paid. In case of an input service is attributable to service use in a unit exclusively engaged in manufacture of exempted goods or exempted services, the such credit of service tax shall not be distributed.
Service tax is a tax levied on specified services provided by the service provider (including private businesses). This tax is normally charged by the service provider from the person to whom service is provided and is then deposited in government’s account.
IMPORT OF SERVICES: Generally, the liability to deposit service tax lies with the service provider. In case the service provider is a non-resident, not having an office in India, the person liable to pay the service tax is the service recipient in India, in such case recipient of service has to get himself registered under service tax. This mechanism is poperly known as reverse charge mechnaism.
EXPORT OF SERVICES: The Export of Services Rules, 2005 (“Export Rules”) have been enacted to regulate the export of services from India. As per the said Rules, the export of taxable services as defined under section 65 (105) of the Finance Act, 1994, are divided into three categories. The first category relates to the taxable services provided in relation to an immovable property which is situated outside India. The second category talks about the services which are partly or wholly performed outside India, and the third category where the services are provided in relation to any business or commerce located outside India.
REBATE REFUND OF SERVICE TAX: The service provider has two options; either to claim rebate or refund of the tax paid or not to pay the tax. Subsequent to the enactment of the Export Rules, two notifications were issued by the Government; for rebate of service tax and education cess paid on export of taxable services, and; for rebate of excise duty paid on inputs and service tax paid on input services which are used in providing exported taxable services.
PAYMENT OF SERVICE TAX: Service tax is payable on accrual basis as per point of taxation rule. Where the service provider receives only a part of the total service charges, Service tax shall be paid on proportionately only on such part and not on the entire consideration. The balance service tax will have to be paid on receipt of consideration. Therefore the service tax is payable only on realized value and not on bill value. Due dates for payment of service tax are as under :
 
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We are the exclusive member in India of the Association of International Tax Consultants, an association of independent professional firms represented throughout Europe, US, Canada, South Africa, Australia and Asia.
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Category Frequency Due Date

Payments through Bank :

 
In case of Individuals, Proprietary Firms & Partnership Firms Quarterly as mentioned below -
( i ) For Q.E. 30th June
( ii ) For Q.E. 30th Sept.
( iii ) For Q.E. 31St Dec.
( iv ) For Q.E. 31st March
- by 5th July
- by 5th Oct
- by 5th Jan.
- by 31st March
Others (e.g. Companies, Societies, Trusts etc.) Monthly By 5th of the month immediately following the month in which payments are received towards the value of taxable services. However, in case of March, the payment should be made by 31st March.
Electronic Payments through Internet : 40% 60%
In case of Individuals, Proprietary Firms & Partnership Firms Quarterly as mentioned below -
( i ) For Q.E. 30th June
(ii ) For Q.E. 30th Sept.
( iii ) For Q.E. 31St Dec.
( iv ) For Q.E. 31st March
- by 6th July
- by 6th Oct
- by 6th Jan.
- by 31st March.
Others (e.g. Companies, Societies, Trusts etc.) Monthly By 6th of the month immediately following the month in which payments are received towards the value of taxable services. However, in case of March, the payment should be made by 31st March.
 
bullet In case of e- payment, due date shall be 6th of the respective month / quarter.
bullet If last date for paying tax is a public holiday, tax may be paid on the next working day.
bullet Tax is paid through GAR – 7 challan.
bullet Big assesses with a service tax liability of Rs.10 lakhs and above should pay tax electronically.
bullet Interest in case of delayed payment of service tax.
bullet Delay in payment of tax attracts interest at the rate of 18 % p.a. (but relief of 3% to assessee having turnover less than of Rs.60 lakhs.
bullet The interest shall be payable for the period by which payment of tax is delayed.
FILING OF RETURNS:
Returns are filed half yearly in Form ST – 3 [ Form ST – 3A for PA]. If the service provider is not able to estimate the tax amount properly, he may apply for Provisional Assessment. ST-3 Return – For all the registered assessee, including Input Service Distributors. ST-3A Return –The assessee who is making provisional assessment under rule 6(4) of the Service Tax Rules, 1994.
DUE DATES ARE AS FOLLOWS:
25th October for the half year ending 30th September.
25th April for the half year ending 31ST March.
REVISED RETURNS :
Revised returns can be filed within 90 days from the date of filing of original return. Nil return has to be filed even there is no tax liability and no taxable services rendered.
 
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RECORDS REQUIRED TO BE MAINTAINED
The assessee is not required to maintain separate records for the purpose of service tax. However, the assessee is advised to maintain the following documents:
bullet A bill file, containing the bills in serial, issued to the clients in respect of taxable service rendered;
bullet Receipt, issued to the client in respect of payment received;
bullet A service tax register containing the details of the bills issued, payments received and service tax deposited;
bullet Proper records for all the credit notes issued to the clients;
bullet A list of all accounts, maintained in relation to service tax including memoranda received from branch offices, only at time of filing of return for the first time, is to be furnished to the Superintendent of Central Excise.
The records as maintained by the assessee in accordance with the various laws in force shall be accepted. Every assessee is required to furnish to the Superintendent of Central Excise a list of accounts maintained by him in relation to service tax. This is to be submitted only once at the time of filing the first ST- 3 return.
bullet Sales register
bullet Purchase register
bullet Cash book
bullet General ledger.
Such records need to be preserved at least for a period of five (5) years immediately after the financial year to which such records pertain. (PENALTIES – SEC. 76, 77 & 78)
 
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What Rajput Consultancy Services Private Limited Offers
Since the introduction of Service Tax, the scope of the same has increased considerably from year to year. The share of Service Tax in the total tax collection of the government has also increased substantially. Compliance with Service Tax have also increased in quantum and complexity since its introduction. We are engaged in offering Service-Tax Registration Services to our clients based at all over India, we also provide our clients with Filing of Service-Tax Return and Maintenance of Input Credit Records. These services are executed as per the legal norms and guidelines The Service-tax compliance services service adheres completely to the concerned rules and regulations. With the help of our legal advisers and consultants, we are able to comprehend to the requirements of our clients. We are providing following services regarding service tax:
bullet Service tax calculation , CENVAT Credit ,
bullet Getting yourself registered with Service Tax Authorities.
bullet E-Filing of Service Tax Returns.
bullet Consultancy on Service Tax Matters.
bullet Maintenance of Service Tax Records.
bullet Payment of Service Tax
bullet Retainerships
bullet Liaison with Service Tax Authorities.
bullet Help to arrive at proper assessable / taxable value of goods/ services
bullet Service tax planning
bullet Minimize liability on account of various notifications.
bullet CENVAT credit /refund, of Input/ input services used for providing export services
bullet Service tax appeal
bullet We have specially trained staff to handle the entire Service Tax work you may entrust this burden on us and feel free to focus your attention to enhance your business or profession.
Refund of service Tax paid on inputs used in providing output services.
As per CENVAT Credit Rules, exporter of output services (covered under service Tax Rules) is eligible for refund of service Tax in relation to the unutilized cenvat credit on inputs and input services. Want to claim service tax refund? Write a mail to singh.swatantra@gmail.com
 
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