It is imperative for every service provider in India to know what service tax is all about. The service tax is charged by the government of India. These taxes are mandatory to be paid by the service tax providers. The service provider may pay from his own pocket else impose it on its customers. However, these charges are usually passed on to the service receivers. The government charges a specific proportion of income of the provider as service tax. This indirect tax is a source of income to the government for all the benefits of services you have taken.
A service tax is required to be paid by only those individuals or service providers who earn more than Rs 10 lakh per annum. During 1994, the service tax was imposed only on some services through the Finance Act. However, from 2012, the service tax has been imposed for all kind of services except for services mentioned in the ‘negative list.'
Service tax registration is a must for every business providing services in India. This indirect tax is paid by the provider, but the liability may be passed on to the service receiver.
You can get registered through online service tax registration in Bangalore. The requirements involve filling an application and making the submission online. You can also find numerous service tax registration agents in Bangalore to help you with the registration process. It is mandatory to have an internet banking account with any of the authorized banks. Individuals and partnership firms pay service tax on a quarterly basis. However, companies have to deposit taxes as soon as they provide services and thus work on an accrual basis.
To obtain a service tax registration, one can go the Service tax registration Bangalore office and learn the procedure as well as get the registration valid within 7-10 days. The agents working for your registration shall ask you for your signatures along with the necessary documents. Once the documents and application are verified, you can easily obtain a service tax registration number for your business. Any business earning more than 9Lakh per annum shall get a registration number, and if the company earns more than 10 lakh, then they have to pay service tax. Service tax registration procedure in Bangalore does not seem to be a tedious task as the operations in the tax office are quite smooth.
With emerging use of the internet, the registrations and payment transactions have become easier. It has become easier to get registered through service tax registration online in Bangalore. One can easily pay his taxes through the online mechanism. The service tax can be paid through online banking. In fact E-banking has become the mandatory part of payment.
The exemption lies to the small business owners and shops who earn less than the mentioned criteria. However, as soon as a person is eligible under the given criteria, he requires service tax registration and will have to start filing the taxes too.
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