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Service tax is a tax levied on services rendered by a person and the responsibility of payment of the tax is cast on the service provider. It is an indirect tax as it can be recovered from the service receiver by the service provider in course of his business transactions.
The Central Board of Excise & Customs (CBEC) under Department of Revenue in the Ministry of Finance, deals with the task of formulation of policy concerning levy and collection of Service Tax. In exercise of the powers conferred, the Central Government makes service tax rules for the purpose of the assessment and collection of service tax.
Service tax is payable @ 12% of the 'gross amount' charged by the service provider for providing such taxable service. The Education Cess is payable @ 2% of the service tax payable.
Service Tax Exemptions
The Central Government can grant partial or total exemption by issuing an exemption notification. But it cannot be granted by the Government with retrospective effect. The general exemptions are:-
Small service providers whose turnover is less than Rs 4 lakhs per annum are exempt from service tax.
There is no service tax on export of services.
Services provided to UN and International Agencies and supplies to SEZ(Special Economic Zones) are exempt from service tax.
Service tax is not payable on value of goods and material supplied while providing services. Such exclusion is permissible only if Cenvat credit on such goods and material is not taken.
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