GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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If the aggregate value of taxable service in the preceding previous year in less than Rs. 10,00,000, service tax in the current financial year shall be payable:
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on the entire aggregate value of service
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on the amount which is in excess of Rs. 2,00,000
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on the amount which is in excess of Rs. 10,00,000
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none of these
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Explanation:
Detailed explanation-1: -(viii) the aggregate value of taxable services rendered by a provider of taxable service from one or more premises, does not exceed ten lakh rupees in the preceding financial year.
Detailed explanation-2: -In Budget 2013, No change has been proposed to amend basic Service Tax rates it remains at 12% plus 3 % surcharge. However there are amendment in Negative list (addition /deletions) and abatement rates, penalties and a new Amnesty Scheme for service Tax defaulters has been proposed. a.
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