How is your service taxed?

Table of Contents

When revenue is Rs 10lakhs or less – If the total Revenue you earn from freelancing work is Rs 10lakhs or less, Service Tax rules do not apply. You will be exempt from collecting and paying service tax on your services. Here Revenue means your total receipts from your clients.

Which services are taxable under service tax?

1. Levy of service tax

Sr.No	Service Category	Date of Introduction
28	Cost Accountant	16.10.1998
29	Courier Services	01.11.1996
30	Credit Card, Debit Card, Charge Card or other payment card related services	01.05 Is service tax applicable now? So, as per law, Service Tax has been phased out by GST and customers are not supposed to pay it. However, the Service Charge is still applicable. Which taxes are charged on good and services? 1. What is GST in India? GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc. What happens if service tax return is not filed? If an assessee has not filed his or her service tax return, then a late payment fee of Rs 500 will be charged for the initial 15 days of delay. If an assessee has not filed his or her service tax return, then a late payment fee of Rs 1,000 will be charged for delays ranging from 15 to 30 days. What happens if service tax is not paid? PENALTY FOR FAILURE TO PAY SERVICE TAX: Section 76 of the Finance Act, 1994 deals with the case of penalty for failure to pay or delay in the payment of service tax. The penalty contemplated is Rs. 100/- per day of default or interest of 1% per month computed on daily basis, whichever is higher. What are the types of service tax? There are Four GST types namely Integrated Goods and Services Tax (IGST), State Goods and Services Tax (SGST), Central Goods and Services Tax (CGST), and Union Territory Goods and Services Tax (UTGST). Who is liable for service tax? Every service provider is liable to pay service tax in India. Though service tax is an indirect tax which is collected by the ultimate consumer, but still it is the duty of the service provider to collect those taxes and pay to the government. What is the current rate of service tax in India in 2020? The rate of Service Tax was 15% whereas the rate of GST is 18%. A lot of people are of the opinion that the effective cost of having a loan would increase as the rate of GST is 3% higher than the rate of Service Tax. Several people are of the opinion that their EMI’s would increase as the rate has been increased by 3%. Do I have to pay GST if I earn under 75000? If your GST turnover is below the $75,000, registering for GST is optional. You may choose to register if your GST turnover is below the $75,000 threshold, however this means that once registered, regardless of your turnover, you must include GST in your fees and claim GST credits for your business purchases. What are the 3 types of GST? Types of GST The Central Goods and Services Tax (CGST) The State Goods and Services Tax (SGST) The Union Territory Goods and Services Tax (UTGST) The Integrated Goods and Services Tax (IGST) Can penalty under service tax be waived? Service Tax Penal Provisions Frequently Asked Questions However, Section 80 of the Finance Act, 1994, states that penalties can be waived off if the assessee in question can furnish reasonable evidence or proof that can provide justification of failure to make payment of service tax. Do you have to pay tax on Instagram in Australia? Musicians, celebrities and other ‘influencers’ in Australia are to be forced to pay tax on income made through sponsorships and endorsements including non-cash benefits as the ‘Instagram Tax’ is introduced by the Government. Do you have to pay GST on Instagram sales? You are using Instagram as a medium to sell the product. But Tax Department is concerned about the sale of goods or services rather than how do you sell it. Ofcourse you will have to pay GST as your sale is interstate. It is also mandatory to register for GST for inter state sale of goods and services. There is no such limits in this case. How much should I pay an influencer on Instagram? There is actually no set formula for determining how much you should pay an influencer. The costs for a campaign are also very different, because it depends on how the campaign is organized. Rates: How much do Instagram influencers charge? Why does the IRS have an Instagram account? The IRS will use its new Instagram account it to: Provide the latest tax scam information to help taxpayers keep their personal data secure. Better serve young adults, the majority of whom use Instagram. Post Navigation Previous Post How much do you get paid working at Regal Cinemas? Next Post What does Moodle mean as a learning platform? Recent Posts Who has been the most influential person in your life and why? Why foreign language learning is still important? Why do we need to follow the writing process? How do you handle a upset patient? How long does it take to cook a 20lb turkey at 350 degrees? Categories Contributing FAQ Helpful tips Lifehacks Samples Trending Pages Contact Us Privacy Policy Terms and Conditions Theme: Sublime Journal by SublimeTheme. Proudly powered by WordPress

Sr.No

Service Category

Date of Introduction

Cost Accountant

16.10.1998

Courier Services

01.11.1996

Credit Card, Debit Card, Charge Card or other payment card related services

01.05

Is service tax applicable now?

So, as per law, Service Tax has been phased out by GST and customers are not supposed to pay it. However, the Service Charge is still applicable.

Which taxes are charged on good and services?

1. What is GST in India? GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc.

What happens if service tax return is not filed?

If an assessee has not filed his or her service tax return, then a late payment fee of Rs 500 will be charged for the initial 15 days of delay. If an assessee has not filed his or her service tax return, then a late payment fee of Rs 1,000 will be charged for delays ranging from 15 to 30 days.

What happens if service tax is not paid?

PENALTY FOR FAILURE TO PAY SERVICE TAX: Section 76 of the Finance Act, 1994 deals with the case of penalty for failure to pay or delay in the payment of service tax. The penalty contemplated is Rs. 100/- per day of default or interest of 1% per month computed on daily basis, whichever is higher.

What are the types of service tax?

There are Four GST types namely Integrated Goods and Services Tax (IGST), State Goods and Services Tax (SGST), Central Goods and Services Tax (CGST), and Union Territory Goods and Services Tax (UTGST).

Who is liable for service tax?

Every service provider is liable to pay service tax in India. Though service tax is an indirect tax which is collected by the ultimate consumer, but still it is the duty of the service provider to collect those taxes and pay to the government.

What is the current rate of service tax in India in 2020?

The rate of Service Tax was 15% whereas the rate of GST is 18%. A lot of people are of the opinion that the effective cost of having a loan would increase as the rate of GST is 3% higher than the rate of Service Tax. Several people are of the opinion that their EMI’s would increase as the rate has been increased by 3%.

Do I have to pay GST if I earn under 75000?

If your GST turnover is below the $75,000, registering for GST is optional. You may choose to register if your GST turnover is below the $75,000 threshold, however this means that once registered, regardless of your turnover, you must include GST in your fees and claim GST credits for your business purchases.

What are the 3 types of GST?

Types of GST

The Central Goods and Services Tax (CGST)
The State Goods and Services Tax (SGST)
The Union Territory Goods and Services Tax (UTGST)
The Integrated Goods and Services Tax (IGST)

Can penalty under service tax be waived?

Service Tax Penal Provisions Frequently Asked Questions However, Section 80 of the Finance Act, 1994, states that penalties can be waived off if the assessee in question can furnish reasonable evidence or proof that can provide justification of failure to make payment of service tax.

Do you have to pay tax on Instagram in Australia?

Musicians, celebrities and other ‘influencers’ in Australia are to be forced to pay tax on income made through sponsorships and endorsements including non-cash benefits as the ‘Instagram Tax’ is introduced by the Government.

Do you have to pay GST on Instagram sales?

You are using Instagram as a medium to sell the product. But Tax Department is concerned about the sale of goods or services rather than how do you sell it. Ofcourse you will have to pay GST as your sale is interstate. It is also mandatory to register for GST for inter state sale of goods and services. There is no such limits in this case.

How much should I pay an influencer on Instagram?

There is actually no set formula for determining how much you should pay an influencer. The costs for a campaign are also very different, because it depends on how the campaign is organized. Rates: How much do Instagram influencers charge?

Why does the IRS have an Instagram account?

The IRS will use its new Instagram account it to: Provide the latest tax scam information to help taxpayers keep their personal data secure. Better serve young adults, the majority of whom use Instagram.