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what is service tax
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Answer / sushma mulik
Service tax is an indirect tax levied under the Finance
Act, 1994, as amended from time to time, on specified
services. At present, there are approximately 96 categories
(including 15 new services introduced by Budget 2006) of
services taxable under the service tax net.
| Is This Answer Correct ? | 11 Yes | 0 No |
Answer / mayur babaria
service tax is an indirect tax charged on certain services
provided by certain category of persons.
whenever an organization provided any taxable services,it
has to charges service tax on the value of such service
providers.
for example:
certain type of educational institute providing training
service to you.so it will charge service tax on the total
amount of the course fee paid to institue.suppose the
current rate of service tax is 10%+2% for education cess+1%
higher edu cess .
Total course fee is RS.35000
the amount of ser.tax 3605(Rs.35000*10.3%)
the total amount payable is RS.35000+Rs.3605=38605
The institute will be collect Rs.38605 from you and
deposit Rs.3605 to the government
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / prajakta joshi
Service tax is an Indirect tax levied by the government& came into existence under finance act, 1994. service provider is a liable to pay for service tax. service tax chargeable on all taxable services like courier services, beauty treatment,chartered accountant,Architecture & as on.Service Tax current rate is 14.5% including service tax 14% & impose a swachh bharat cess of 0.5% on all taxable services liable for service tax,effective from 15 November,2015.
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Dear Experts, I need your help in deriving a formula for calculating three taxes with a combination of cumulative and inclusive tax. Here are the examples with expected result. Please let me know the formula on how to get the given result. Example1: Total Product Value (V) = 1000 (with inclusive of all 3 taxes and below mentioned cumulative combinations) Tax1 rate is 10% and Tax1 is inclusive. Tax2 rate is 10% with Tax2 is inclusive and cumulative of Tax1 Tax3 rate is 10% with Tax3 is inclusive and there is no cumulative of Tax1, Tax2 Expected Results are: Tax1=76.34 Tax2=83.97 Tax3=76.34 Let me know formula to derive above values? Example2: Total Product Value (V) = 1000 (with inclusive of all 3 taxes and below mentioned cumulative combinations) Tax1 rate is 10% and Tax1 is inclusive. Tax2 rate is 10% with Tax2 is inclusive and cumulative of Tax1 Tax3 rate is 10% with Tax3 is inclusive and cumulative of Tax2 Expected Results are: Tax1=75.70 Tax2=83.27 Tax3=84.03 Please let me know formula to derive above values? Thanks in advance.
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