Service Tax
SUBJECT : Management
AUTHOR : K Yathiraju
PUBLISHED ON : 02/04/18
NUMBER OF PAGES : ( 80 Pages)
PRICE : Rs 0

Service Tax is a tax imposed by Government of India on services provided in India. The service provider collects the tax and pays the same to the government. It is charged on all services except the services covered in the negative list (Section 66d of Finance Actí1994) of services & services covered under Mega Exemption Noti􀃀 cation (Noti􀃀 cation NO. 25/2012 ST dated 20.06.2012). The current rate is 12.36% on gross value of the service The genesis of service tax is the result of recommendations made in 1990ís by the Tax Reforms Committee headed by Professor Dr. Raja J. Chelliah. Based on their recommendations, Dr. Manmohan Singh, the Union Finance Minister, introduced the concept of service tax in 1994- 95 w.e.f. 01.07.1994. Initially service tax was imposed only on three services i.e. telephones, nonlife insurance and stock brokers but at present there are 119 services which are chargeable to service tax and are called Taxable Services and details are given in section 65(105).

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