S krishna & company is a professionally managed firm. The team consists of distinguished chartered accountants, corporate financial advisors, and tax consultants.

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  1. Introduction:
    • Service tax was introduced in India in 1994 and was a form of indirect tax levied by the government on certain services.
    • It was governed by the Finance Act and administered by the Central Board of Indirect Taxes and Customs (CBIC)
  2. Taxable Services:
    • The tax was applicable to a wide range of services, excluding those mentioned in the negative list and exempted services.
    • Examples of taxable services included banking and financial services, telecommunications, information technology, consulting, transportation, and more.
  3. Exemptions and Abatements:
    • Certain services or service providers might be exempt from service tax, and in some cases, there were provisions for partial exemptions or abatements.
  4. Registration and Payment:
    • Service providers with a certain level of taxable turnover were required to register for service tax with the tax authorities.
    • Payment of service tax was generally required on a quarterly basis, and returns had to be filed with the tax department.
  5. Changes and Reforms:
    • Over the years, there were several changes and reforms in the service tax structure. The tax rates, exemptions, and abatements were subject to adjustments based on economic conditions and government policies.
  6. Goods and Services Tax (GST):
    • In July 2017, India transitioned to the Goods and Services Tax (GST) regime, which replaced various indirect taxes, including service tax. GST is a comprehensive indirect tax levied on the supply of goods and services across the country, aiming to streamline the taxation system.