GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The power to make rules for service tax is given to Central Government by
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section 94 of the Finance Act, 1994
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sections 66 and 67 of the Finance Act, 1994
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sections 93 and 94 of the Finance Act, 1994
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sections 94 and 961 of the Finance Act, 1994
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Explanation:
Detailed explanation-1: -It is a tax levied on the transaction of certain services specified by the Central Government under the Finance Act, 1994.It is an indirect tax (akin to Excise Duty or Sales Tax) which means that normally, the service provider pays the tax and recovers the amount from the recipient of taxable service.
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