Service Tax is a kind of tax levied by the Government of India on services provided or to be provided excluding services encompassed under negative list. The current service tax rate is 15%. The tax is payable by the service provider to the Govt. of India. However, the service provider can collect this tax from the consumers and deposit the same with the government.
The tax was introduced in the year 1994 and was launched by then Finance Minister Dr. Manmohan Singh. Individuals and business entities liable to pay service tax must file service tax returns using Form ST-3 or Form ST-3A. It is necessary to make the payment of service tax on the respective due date either electronically or manually.
Our service tax professionals can help you determine your exact service tax liability and efile your service tax return in accordance with the given regulations.