Service tax is an indirect tax on a long list of services where the service provider pays the tax and recovers the same from the recipient of the taxable service. To pay this tax, the service provider must be registered with the specified department after the turnover of service provider exceeds rupees ten lakhs per annum. Service Tax is levied at 14% w.e.f. June 01, 2015 on value of the taxable service.
Service Tax registration is required for businesses providing services in India. Failure to obtain service tax registration would attract penalty in terms of Sec. 77 of the Finance Act, 1994. In certain cases, service receiver is also liable to pay service tax and is required to take the service tax registration.
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