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Taxs--direct n indirect

indirect-customs,excise,sales[service(service tax) n good(sales tax)]


In constitution,sechdule VII (division of power)(union list n state list n concu
rrent list)
committee was formed-TAX REFORM COMMIITTEE headed by Dr.RAJA CHILAIYAH..said-VAT
N SERVICE TAX. in yr 1994.
Service tax in 1994 whs on telephone service,general insurance,stock broking age
nt.
intially chapter no V n VA of finance act,1994 provided power to tax services.
central gov levied serivce tax by tekin power of residuary powers in union list.
.later on constition was amended...n sep entry-entry no 92C was reserved for ser
vice and article 268A was inserted to give power to central gov to collect the t
ax.
SERVICE TAX---
defination of service -value addition to service which is intangible in nature.
sections---
64-applicabilty
65-(105)-def of taxable service
66-rate
67-valuation
68-liabilty of payment
69-registration
70-return
71-service tax return perparence scheme
73A-deposit of tax
73B-int on late deposit of tax
75-late payment of service tax
76-penailties
77-penailties
78-penailties
80-weavier of penalties
93-exemption
rules---
2(1)d-related to liabilty of payment(sec 68)
4-related to registration(sec 65)
5-related to returns(sec 70)
6-related to payement of service tax()
7/7B/7C-related to returns
forms--
ST-1=application
ST-2=certificate
ST-3=return
ST-3A=provisonal return
TR-6 and GAR-7=payment
sec 64-
whole india excpt j&k
features-
{basic fare complaince}
board-central board of custom n duty
a-applicable 2 whole india
s-self assesent
i-indirect
c-charge on taxable sevices in 65(105)
f-no tax on free service
a-no sep act only f.a 1994
r-only 1 rate- 10%+ 2% (f.a 2004)+ 1% (f.a 2004)
e-exemption till 1o lakh
comp-voluntary complaince

adminsitration--
finance minstry (finance min)
dep of revenue (secretariate)
central board of excise n costom
central exise zone cheif com
commissionate (commissioner -central exice or
service tax comissioner 6 city-)
+ add n joint comm.
divison-deputy com n assitant com
range-supritendant
admin weapons/admin mechanism-
f.a act
service act rules
cenvcat
str,1994
notifications
circulars
trade notices
exemptions sec 93
central gv- partial or complete
{urgent ride}
u-un,foregin mins
r-rbi
g-gds n mat.whc r not formin intgral part of service
e-export
n-non eco zones
t-technical testin n analytical services
r-resident welfare asso. to its mem provide not exces than 3000
i-incubator n incubatee upto 3 yrs
d-digital cinema service provider
e-exmption small service provider upto 1o lakh
sections
sec 68-liability n payment(ser. paymnt by receiver)
68(1)-every person providin taxable service shall pay serv.tax.
68(2)-central gov can make prsons liable
_ 7 persons r made libleby cn giv- rule 2(1)(d)
1)telecomunciation service-chairman of mntl/postage- head
2)gen ins. service-insurer wil pay
3)insurance actuillry service-
3)mutual fund-
4)import tax. service by service receiver for personal purpose
5)good transport agency-partial abetment(25%) check con-nor or con-nee---if cums
in factory,comp,firm,co society,registerd co soc,corporation,dealer in central
excise then laibilty to that person who is liable to pay freight either himself
or through agent
6)sponsorship services
7)exports
liabilty to pay tax is statutory n not contingent.i.e have to pay at ny cost.
sec 69-registration
69(1)-every person who is liable to pay the tax shall make application for regis
tration in form st1 to disgnated superitendent of central excise
69(2)-cen gov can make ny person liable to pay tax-notified--input service distr
ibutor n --small service provider.
input servie distributor---
if nyone claims setoff or distribute the credit then he bcums isd.
woh admi agr usne kisi type ki service li n servicetax pay kia n credit distribu
te kia to usko i,s.d bolega
regis in 30 days frm date of startin of service
small service provider-
if ssp provides taxable service less than 9 lakh then no registration bt pay aft
r 1o lak(not alwys 10 lakh-agr last yr 1o lak tak service provide kia he to is s
aal k 1st rs se service tax pay krna padega n 2nd option--agr iss saal se 1o lak
h ka service pay kr rahe ho to issi saal se tax pay karo)

imp points-provisions of rule no.4


1-within 30 days
2-dep ka jimedari he k pay in 7 days-deemed regis
3-multiple services-only 1 registration
4-if more than 1 place then sep regis bt if acc n billin system is at 1 place re
gister that plc.if acc n billin system is at more than 1 plc then acc 2 him
5-if change in info or add in info then in form st1 bt go to deputy or assi com
within 30 days
6-if transferin of business,then transfee sud give fresh regis in 30 days.
7-ny taxable service provider ceases to provide service then surrender it
8-
sec 68-payment
rate of service tax as mentiond in sec 66 of fa.94-- 10+2+1
payemnt--rule no.6
4 purpose of payment divided into 2 types
1-indi,firm,propritor
2-other
it is on receipt of taxable services..
1-quarterly basis....by 5th of next month aftr endin quater
2-monthly basis...by 5th of next month
except 4 ended march-paid by 31st march
e-payment-then by 6th.optional except by one who has paid ser.tax of 5o lakh.
"no service tax shall be levied if it for free."
provision of service-k ser. kab provide ki ti...if service ws provided n was tax
free...(paisa kab mila not imp)
ifpaisa advance me dia ta jab wo tax free ti den jab wo taxable thi wo toh pura
laega n jo adv ta wo pro rata me divide ho jayega.
forms r req. to pay tax.-tr6 n gr7
place-designated bank
how-by cash or cheque(date on whc cheque is deposited wil b considerd)
sec 75-interest on late payment
1o% to 36% now 13.5% p.a on dd basis simple interst.
no one is waived under ny conditions..it is automatic in nature.
adjustment of ser. tax-(paid more tax)
if more- then tek refund or adjust wid further liablity
1st restritction- if excess sertax paid is due to wrng interpretion of law den n
o adjustment..tek refund..
2nd-adjst spread our 6 months.
3rd-self adjsmnt can b done upto max of 1 lak bt if centralised regis den no nee
d no monetary limit
4th-give info abt self adjdtmnt to deprtment within 15days.
provisional assessment den return in form st3a
spl payment cases-in rule on-6
1]associated enterprises-if payment is on receipt basis den koi
2]subcontractor is also liable to pay tax
3]TDS
4]***imp- renting on immovable property thn pay service tax..issued in 2007 by n
otification no-24/2007.....lekin agr property tax pay kia toh deduction milega.i
f deduction not done den excess payment of service tax can b taken within 1yr fr
m date of paymnt of property tax.
5]air travel agent--lumpsum payment...can escape tax if they pay 0.6% of basic f
are of domestic ticket or 1.2% of basic fare of int. ticket...basic fare def-far
e on whc u wil b recin comission..n if usd this option once in yr then cant chan
ge it in that yr.
6]life insurance--option to 1 % of gross amt of premium charged.....2 condition
if premium divide hua to no option pay tax...

valuation-sec 67(not der)


sec66-rate of tax-10% of service
sec67-valuation
-advance pe b tax lagega.
-ser. tax valuation rule,2006
-consideration if in money then in gross amt charged.
---if partly in money..then item sud contain tax
---if value is not assinable den wil b decided by vaulation rules
---no tax on free service
---if bill is inclusive of service tax den use formula---grs amt divided
by 100+rate of tax*rate of tax.

return n penalty
return sec70
rule 7--everyone who is registered sud submit return within 6month
due date 25th of next month in whc 6 month compl.
agr wo input service distributor he..toh last date..
to supritendant of custom n excise..
in triplicate..
in form st3 or st3(if provisional assesment)
rule7B-if correction is to be done..den u can revise return bt nly within 90days
of submittin original return.
rule7C-relatd 2 late payment--
pay late fees
upto 15dys-500
15-30days-1000
aftr30dys-1000+100 per day till max-2000

imp points-in return


first time submission of return.den all the acc record includin memoranda n kp i
t wid u 4 5 yrs.
copy of trs6 sud b submitted.
e-filing-optional..u need stpc code of 15 digit..

penalties-sec76-77-78
sec76-for failure to pay
higher of 2% per month or 200 per day till max of tax not paid
sec78-supperssion of taxable serivce
min 100% to max 200%-of service tax not to evloved.
sec77-ny other..
max-5000
sec73A-liabilty 2 pay service tax whc is collected
sec73B-interest if tax is not paid
sec 80-if u give reasonable cause 4 failure den penalty under sec76-77-78 wil b
waived off.
sec93-exemption

*)serivce tax is levied 10% of service(under sec 66 of f.a,1994)


2% of service tax as per f.a 2004
35 of service tax as per f.a 2007
so total of 10.30% on service.

NOTES MADE FROM SITE GIVEN BELOW


http://www.youtube.com/user/packetmar#p/u/18/8U7MwWxXggs
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