Here’s Why You Should Turn To Service Tax Registration Services To Keep Payments Up To Date
Whether you are a tour operator or running a business providing one of the more than 100 taxable services in India, you should hire one consultant to Apply for New Service Tax Number to make sure you comply with regulations each month.
The service tax is an indirect tax that is collected by the central government of India. It is specified in the Finance Act 1994 and it applies to 199 services. There are also 17 services exempt from paying this tax, and you should consult with your accounting firm to make sure you aren’t filing returns on a tax you don’t have to pay.
This service tax is collected from the consumer and then passed on to the government. The collection rate is 14 percent of the service value, and it is payable only if the turnover of the business is more than Rs. 10 lakh per year. Once you cross this barrier you will be susceptible to paying this tax regardless of your annual turnover.
In order to avoid complications and fines by not complying with the tax collections, you should hire an accounting one of our professionals here at India Tax Help and make sure that all return filings are submitted on time.
Working with Service Tax Registration Services And The Benefits Of Doing So
If you run a business which provides one of the services taxable by the government of India, then here are a few things you should know about the registration and collection process that will ensure that your business avoids the penalties and fines imposed by the state.
The service tax is payable by any provider of a service mentioned in the Finance Act 1994. There are over 100 services which are taxable in India, with 17 exceptions. In case your company hasn’t had a turnover of more than Rs. 9 lakh the previous year, then you shouldn’t pay the tax as it is only collectable above Rs. 10 lakh. The rate for the service tax is 14 percent and is collectable either quarterly or monthly depending on the type of services you provide. The tax is applicable only to services you provide in India, as all exports are non-taxable.
One of the best ways to ensure that you aren’t confusing terms or filing the wrong documentation is to get the help of one of the Online Service tax consultant. Outsourcing the sales tax payment to a company such as India Tax Help might spare you the wasted time, as well as the frustration of this painstaking process, and provide you with the much needed peace of mind.
The Importance Of Obtaining Service Tax Number To Avoid Hefty Fines
If you have a tour operating agency, a web designing company or just about any other type of business providing services, you should be aware of the service tax collectable, as well as the terms you need to comply with in order to avoid paying hefty fines.
With 17 exceptions, most services provided in India are taxable at a rate of 14 percent. The 100+ services which are taxed are specified in the Finance Act 1994. Collectable by the central government, the service tax is required of all service providers with an annual income of more than Rs. 10 lakh.
While the calculations shouldn’t be overly complicated, there are a few rules and exceptions that make you to Register for Service Tax using consultants a preferred alternative for doing the accounting work rather than doing on your own. The fines for not paying the service tax are also quite high, at Rs. 5000 or Rs. 200 per day.
A good way to prevent paying fines which could cripple your business would be to hire a Consultancy Service such as India Tax Help Consultants. With more than 30 professionals and years of cumulated experience, our team is your safest bet in complying with the service tax payment that can help your company avoid trouble.
What is a Service Tax Application? And How to apply for your Business?
If you’re wondering about How to Apply for Service Tax in India and why you would you want to hire one, then you probably don’t know much about the service tax. Read on about a few important aspects that you should know as well as the reasons to go for a professional service for help.
Whenever you provide a service to a consumer, you need to collect a tax equivalent to 14 percent of the total value of the service. This is valid for over 119 specified services. The tax is collected by the central government from all companies exceeding an annual turnover of Rs. 10 lakh. Failing to pay the service tax can be quite crippling, as fines can run up to Rs. 5000 or at a rate of Rs. 200 per day.
You might prepare the documents and fill in all forms yourself, but why would you do so when you have India Tax Help providing you with an affordable solution. With our help, you can complete the service tax registration in record time and make sure you meet the monthly deadline each time and avoid the negative consequences.
Complying With State Taxes By bringing your company Doing Registration under service tax
Whether you are just staring out or branching in a different direction, if your company is selling services anywhere in India, you should know about the service tax and the conditions that are applicable to make sure you comply with this state tax.
A good thing to know is that the service tax is not applicable on exports. What this means is that you don’t have to collect from the consumer if he or she is located in another part of the world. This tax only applies to the services mentioned under the Indian Finance Act 1994. You must also cross the Rs. 10 lakh mark to have to pay this tax. The bad news is that once you have crossed it, you will have to pay it each time no matter how low the revenue is for a particular year. Another bad news is that the fines are steep if you don’t collect and pay these taxes in case they are applicable.
The good news is that you have Service Tax Consultants such as India Tax HelpConsultancy you can turn to in order to avoid getting into legal trouble. With the help of our professionals here at India Tax Help Consultants, you can complete the tax registration process faster and make sure you never miss a deadline.