Service Tax Registration
Service Tax Registration is a tax registration required for businesses providing services in India. Service tax registration is an indirect tax wherein the service provider pays the tax and recovers the same from the recipient of the taxable service. At present, Service Tax is levied at 14.50% on the value of the taxable service. This includes Swachh Bharat Cess @ 0.50% on the service tax amount.
Service Tax registration is mandatory for every person or business in India that has provided a taxable service of value exceeding Rs.9 lack, in the previous financial year. Service Tax Registration is required for identification of the assesses, deposit service tax, file service tax returns and undertake various processes required under the Finance Act, 1994. Failure to obtain service tax registration would attract penalty in terms of section 77 of the Finance Act, 1994
Service Tax Registration Process
[process_cycle] [step title=”1. Service Tax Registration”]Adroit Corporation Pvt. Ltd can help your business obtain Service Tax Registration in 7 to 12 days, subject to Government processing time.[/step] [step title=”2. Application Preparation”]An Adroit Corporation Pvt.LtdTax Expert will prepare your Service Application and obtain your signature in the format along with the necessary supporting documents.[/step] [step title=”3. Application Processing”]Once the application is prepared, Adroit Corporation Pvt. Ltd will obtain ST 1 Registration and submit the hard copy Application with supporting documents to the concerned Tax Department.[/step] [step title=”4. Service Tax Registration”]Once the Service Tax Application and the attached supporting documents are verified, the Tax Department will allot Service Tax Registration (ST 2) for your business.[/step] [/process_cycle] [advantage] [adv_part title=”Small Scale Service Providers”]Small scale service providers who provide taxable services of less than Rs.10 lakhs in a year is wholly exempted from service tax and service tax registration.[/adv_part] [adv_part title=”Service Tax Registration”]Service tax registration must be obtained by any person who provided a taxable service of value exceeding Rs.9 lakhs, in the previous financial year. Failure to obtain service tax registration can result in penalty[/adv_part] [adv_part title=”Service Tax Return Filing”]Service Tax Return Form ST-3 must be filed twice in a year. Return for half year ending 30th September and 31st March are required to be filed by 25th October and 25th April, respectively. [/adv_part] [adv_part title=”Service Tax Payments”]Service Tax Payments must be deposited in designated banks quarterly in case of Proprietary Firms or Partnership Firms and monthly in the case of Companies, Trusts, Societies, etc.,[/adv_part] [adv_part title=”NO Service Tax on Exports”]For services exported from India, service tax is not applicable. Therefore, exporters of service are not required to pay service tax. However, it is advisable for service exporters to obtain service tax registration.[/adv_part] [adv_part title=”Automatic Registration”]In case Form ST-2, Registration of Service Tax is not issued within seven days of filing of Form ST-1 with all the relevant documents, the service tax registration is automatically deemed to be granted. [/adv_part] [/advantage]
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