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What is Service Tax Returns Filing?

Service tax is an indirect tax levied on the services provided by the service providers in India. If you have a Service Tax Registration, you are required to file service tax registration twice a year, regardless of your turnover if it exceeds Rs 10 lacs. Moreover, if you don't have any revenues, you are still required to file returns as nil by October 25 for the time period of "April to September" and on April 25 for the time period of "October to March". Before this filing, all your service tax dues should be should be cleared. In of any failure in paying service tax or file service tax returns will end up in the payment of a penalty. The penalty is of Rs 500 in the case of delay of 15 days and is of Rs 1000 if delay goes beyond 30 days and an additional Rs 100 thereon and is subjected to a maximum of Rs 20000.

Service Tax Returns Process

Returns Preparation:

As soon as you submit a request, our representatives will get in touch with you and will inform you of the documents and details that you are required to submit. Like; the collection of the invoices of the tax raised. In the case of the overdue payments of the service tax, we will inform you about the additional interest to be paid after the due date.

Returns Filing:

Before submitting the documents, we would like you to review the documents of filing. As soon as you approve the documents we will file it with the government. After the successful completion of the process, we will mail the acknowledgment to your registered email address.

What You Need To Know

In Every State

The default option for start-ups and growing businesses as only private limited companies can raise venture capital.

Filing Returns

The default option for start-ups and growing businesses as only private limited companies can raise venture capital.

Penalties Apply

The default option for start-ups and growing businesses as only private limited companies can raise venture capital.

FAQ’s on Service Tax Returns

Who pays service tax?

Service tax, applicable at 15% is to be paid by the recipient of the service. So, it is the consumer who has to pay this indirect tax. The tax is then collected by the service provider and then the amount is paid to the government.

How much time is taken in service tax registration?

For a service tax registration, it hardly takes 10 to 20 days. First of all, the ST-1 is granted within a time period of seven working days; if is not generated then it is deemed to have been granted. The ST-2 will take the next 10 to 15 working days, depending on if you have all the relevant documents.

Is a commercial space mandatory?

Not really. In fact, a freelancer operating from his residence can also register for service tax. While filing the form, keep in the foreground of your mind that you are registering for the entity, register in the name of the entity that is operating the business. In the case of an absence of the proprietorship or company or LLP, it also can be your own name.