Service tax

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Expertise Service tax

According to Rule 5 of Service Tax Rules, 1994, records include computerized data and means the record as maintained by an assessee in accordance with the laws.

Every assessee is required to furnish to the Central Excise Officer at the time of filing his return for the first time a list of all accounts maintained by the assessee.

SService tax is only liable to be paid in case provided during the financial year is more than Rs. 10 Lakhs. If the value is less than 10 Lakhs, it is optional to pay service tax.

In this case, the service provider pays the tax and recovers it from the customer. Service Tax was earlier levied on a specified list of services were also included in the list of services.

What is Service tax?

Provides following services to ease the legal process of sales tax
  • Service tax

    Service tax is a tax on services provided. The provisions of service tax are contained in chapter V of the Finance Act, 1994. The word ‘Service’ is not defined in Finance Act, 1994.

  • Market Place Model

    You use services of eCommerce Portal(e.g. eBay, Amazon, Snapdeal) & get orders. In this case, you are the vendor & your customer is the end user.

  • Interstate Sale

    When sale or purchase is made from one state to another it is governed by Central Sales Tax Act 1956, the rate applicable for particular goods will be taxed according(1%, 2%, 4%, 12.5%).

  • Effective management

    Full compliance may be hard to achieve across different RGMs, complex corporate structures and multiple IT systems leading to risks and inefficiencies

Service tax

It is an indirect tax. Service tax is a tax on services provided .The provisions of service tax are contained in chapter V of the Finance Act, 1994 and administered by the Central Excise Department. The word ‘Service’ is not defined in Finance Act, 1994.

Registration under Service tax..

Consultancy for maintenance of proper records.

Consultancy for proper accounting for Service tax.

Compilation of data of Cenvat credit.

Assistance in availment of notified Abatements.

Consultancy on various issues relating to Service Tax.

Computation of Service tax payable.

Preparation and filing Returns.

Getting assessments done

Utilization and availment of service tax credit in accordance with the Service Tax Credit Rules, 2002.

About MMC

MMC Associates is a financial consultancy expert specially trained in tax law. Some organization require tax advisor to verify the balance sheets of companies above a certain size of individuals and companies.