GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The provisions relating to service tax are given in:
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The Service tax Act, 1994
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Chapter V of the Finance Act, 1994
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Chapter V and VA of the Finance Act, 1994
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Chapter VII and VIII of the Finance Act, 2004
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Explanation:
Detailed explanation-1: -Under what authority service tax is levied? Vide Entry 97 of Schedule VII of the Constitution of India, the Central Government levies service tax through Chapter V of the Finance Act, 1994. The taxable services are defined in Section 65 of the Finance Act, 1994. Section 66 is the charging section of the said Act.
Detailed explanation-2: -The rate of service tax was increased to 12% by Finance Act, 2006 w.e.f 18.4. 2006. Finance Act, 2007 has imposed a new secondary and higher education cess of one per cent on the service tax w.e.f 11.5. 2007, increasing the total education cess to three per cent and a total levy of 12.36 per cent.
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