Applicability:
Chapter V of the Finance Act, 1994 deals with the with provisions of Service Tax. Provisions of this chapter extend to the whole of India except the state of Jammu and Kashmir. All Service providers shall apply and get themselves registered under the Act if the aggregate value of taxable services provided during the year exceeds Rupees Ten Lakhs.
Registration:
Application for registration has to be made in Form ST -1 to the superintendent of Central Excise of the concerned area along with necessary documents such as PAN copy, Memorandum and Articles of Association/Partnership Deed, List of Directors, List of Branch etc. On verification of application and accompanied documents, the Commissioner of Central Excise having jurisdiction over the area will grant the registration. On registration the Commissioner allot a Service Tax Registration number based on the PAN number of the applicant.
Payment of Service Tax:
All assessees shall pay the Service Tax to the credit of Central Government on or before 5th day of the subsequent month.
Records:
Every assessee should maintain all records for a period of at least five years which are relating to transactions relating to –
a. Services provided irrespective of whether taxable or exempted;
b. Receipt/procurement of input services and payment for input services
c. All the documents relating to input and capital goods
d. All other financial records to be maintained in the normal course of business.
Returns:
Every assessee should file half yearly return in From ST-3 along with Form TR-6 on or before 25 days after the expiry of the half year i.e. 25th October and 25th April of the concerned financial year.
