GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Taxable service provided
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Taxable service to be provided
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Any service provided or to be provided
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Taxable service provided or to be provided
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Detailed explanation-1: -Definition: Service tax is a tax levied by the government on service providers on certain service transactions, but is actually borne by the customers. It is categorized under Indirect Tax and came into existence under the Finance Act, 1994.
Detailed explanation-2: -Service Tax Billing As per Rule 4A of STR, 1994, it is mandatory to issue an invoice or bill by a service tax assessee. This invoice has to be issued in 14 days from the date of completion of the taxable service or the receipt of payment of the service, whichever is earlier.
Detailed explanation-3: -5. Services provided in lieu of fee charged by Government or a local authority. It is clarified that any activity undertaken by Government or a local authority against a consideration constitutes a service and the amount charged for performing such activities is liable to Service Tax.