Service Tax is a form of indirect tax imposed on specified
services called "taxable services". Service tax cannot be
levied on any service which is not included in the list of
taxable services. The objective behind levying service tax
is to reduce the degree of intensity of taxation on
manufacturing and trade without forcing the government to
compromise on the revenue needs.
On February 24, 2009 in order to give relief to the
industry reeling under the impact of economic recession,
the rate of Service Tax was reduced from 12 percent to 10
percent. Effective Service Tax in India now stands at 10.3%.
service tax is an indirect tax which is leived on all the
service providers the service provider coolects the tax to
whom the service is provided and pay tothe govt the rate
of service tax is 12.36% this sys clearly 12%is service tax
The tax which is paid by an every individual by the usage of the society services.Its classified on the different fields like manufacturig and service sectors like hotels and Professions at different slabs like 12.36% and at 4.5% and it will be collected by central govt and its a direct tax.
Service tax is an indirect tax.
it is charged by the government from all the companies or
organization which provide services.these companies in turn
collect this tax from whom it provide the services.
rate of service tax - 12.36%
12% - service tax
0.36% - education cess
service tax is a indirect tax. All the people are paying
this tax when ever they received any service from the
service provider.Calculation of the service tax is based on
the service. Approxamitely 5% on the service.
Contingent liabilities should be recorded in the accounts
A) It is probable that the future event will occur
B) The amount of the liability can be reasonably estimated
C) Both A&B
D) Either A or B