Service tax is tax on services provided in India except state of Jammu and Kashmir. It is an Indirect tax on all taxable services except those in the negative list of services. Generally, service provider collects the tax from service recipient and pays the same. Current rate of service tax is 14%. Additional Swatch Bharat Cess @ 0.50% is also applicable.
Tax deducted/collected need to be paid for each month by the 7th of the next month. Correct code need to be mentioned of payment type while making such payment.
Every person/entity having TAN need to file quarterly TDS/TCS return by 15th Jul, Oct, Jan, May.
Non submission or late submission of Service Tax returns results into Late Fees, Interest and also Penalty. This all taken together could be substantial amount if returns are not filed or filed late or filed incorrectly on incomplete. Hence, it is advisable to submit the correct and complete service tax returns on time with the Department.
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