Service tax is the amount of tax payable on the services provided by any individual or organization. It is a method of indirect tax collection which makes it mandatory for every service provider to charge a percentage of tax on the amount payable for the services. Service Tax is collected from the individual or entity availing the service and is hence charged additional on the amount paid for the services. Service Tax is a Central Tax and is applicable on all services offered throughout India.
It is mandatory for an organization or individual providing services and having a professional fees turnover crossing Rs 9 Lakhs in any financial year to obtain a Service tax registration number and start paying the service tax to the government as per the due dates.
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What happens to the 10 Lakh limit if you take service tax voluntarily?
The 10 Lakh limit is removed and you are charged service tax from the time the registration is allotted. Though this might sound loss making, but it actually helps companies who have big transactions and can cross 10 Lakh limit immediately. For them, it is suggested to obtain the service tax registration voluntarily itself.
Is it necessary to take separate service tax registration for every office or branch in India?
No, only 1 registration is required which can be taken for the registered of main address of the company.
When is it compulsory to have a service tax registration?
When an individual or company crosses the turnover of Rs 9 Lakhs, it is compulsory to obtain the service tax registration.
Am I exempted to pay service tax on the first 10 Lakh turnover?
Yes, you are exempted to pay service tax on the first 10 lakh turnover. But this is only for the first financial year when you cross the limit. Once you cross it, then you have to pay service tax every financial year regardless of how much your turnover is.