Sales Tax is a tax paid on the sale of products in India. Currently the rate is 14.5% and is mandatory to have sales tax registration for the individual or company having turnover exceeding of Rs 5 Lakhs.
Service Tax is a tax paid on the revenue earned for providing services in India. Currently the rate is 14.5% on all Services provided in India and is mandatory to have a service tax registration for the individual or company having turnover exceeding Rs 10 Lakhs
Professional Tax is a state-level tax that applies to salaried employees and professionals, including chartered accountants, lawyers and doctors. Registration is mandatory within 30 days of employing staff in a business or, in the case of professionals, within 30 days of the start of practice. It is applicable in few states of India.
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Service tax is to be paid by the receiver of the service. However, service tax is a form of indirect taxation. Therefore, the person who provides the taxable service on receipt of service charges along with the service tax is responsible for paying the service tax portion to the Government. Also, small scale service providers who provide less than Rs.10 lakhs of taxable service a year is exempt from service tax.
The effective rate of Service Tax is 10.3% on the value of the taxable service. In addition education cess @ 2% on the service tax amount and secondary and higher education cess @1% is levied on the service tax amount. Hence, Service Tax is normally levied at 12.36%
Any person who has provided taxable service of value exceeding Rs.9 lakhs in the preceding financial year is required to obtain service tax registration. When a person commences a new business, he/she is required to obtain service tax registration within 30 days of commencement, if the business will have taxable service in excess of Rs.9 lakhs.
To obtain service tax registration, a copy of PAN Card, proof of address of business and constitution of the business [Partnership deed, Incorporation Certificate, etc.,] is required.
The VAT rate will depend on the type of goods being sold and the State in which the goods is being sold. Therefore, it would be best to check with the local Sales Tax Office for the appropriate tax rate applicable for the goods to be sold.
To obtain service tax registration, a copy of PAN Card, proof of address of business and constitution of the business [Partnership deed, Incorporation Certificate, etc.,] is required
Sales Tax Registration only applies if the annual turnover of the business crosses Rs. 5 lakh in most states, though some have raised this to Rs. 10 lakh. Once it crosses this amount, it is mandatory to collect the amount.
Any organisation with employees must have a Registration Certificate under which Professional Tax can be deducted from employees’ salaries. You do not need to have any employees either.
A penalty of 10% of the amount owed can be imposed in Maharashtra. A delay in obtaining the Enrollment Certificate will be charged at Rs. 2 per day.