Service Tax Return Filing and Due Date
Service tax is an indirect tax levied on the services provided by a service provider in India. Service tax is paid by the end consumer of the service and the service provider is responsible for collection of remittance from the recipient of the taxable service. At present, Service Tax is levied at 12.3% on the value of the taxable service. Service tax registration is mandatory for every person or business in India that has provided a taxable service of value exceeding Rs.9 lakhs, in the previous financial year. IndiaFilings provides service tax registration services.
Persons or entities liable to pay service tax or having service tax registration must file service tax returns - Form ST-3 or Form ST-3A. Service tax returns are due half-yearly and the service tax return must be e filed. Service tax payment must be paid by entity electronically or manually on the respective due date. The due date for payment of service tax collected is determined based on the type of business entity. IndiaFilings can help you file e file your service tax return online. Our service tax experts can help you compute your service tax liability, e file the service tax return and keep you in compliance with service tax regulations. Use ReminDue, an online cloud compliance reminder service from IndiaFilings to get reminders for service tax return and service tax payment due dates.
SERVICE TAX HIGHLIGHTS
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.
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.
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.
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.,
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.
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.