Get to Know More about Service Tax Payments

The idea of paying taxes is not something that excites us. However, this is something that we need to do. Regardless of what a great inconvenience paying taxes is, it is our duty as citizens of this country to pay whatever we owe to the government as taxes. If you fail to pay the amount you are supposed to pay as service tax, you would have to face serious legal consequences. Those, who fail to make their service tax payment, may have to pay fine. In fact some of the biggest tax scandals also lead to jail time. 

Who should pay service tax?

You are liable to pay service tax if you provide any of the specified taxable services. You should know that service tax is an indirect tax. That is why the burden of this type of taxes has to be borne by the one who receives such services. However, it is the responsibility of the service provider to file the taxes to the appropriate government authorities.

Taxes can be complicated. When filing taxes, you need to make sure you are fully informed about what you are doing. You need to follow the right procedure. That is why you must gather as much knowledge as you can about tax payments.

What You Must Know About Service Tax Returns

Service tax returns can be received only when an assessee files for the same. The filing has to be done within the mentioned due date.

God works in mysterious ways and so does the government authorities associated with levies and duties. This is to say that one never knows what is to befall them when, where or, how as far as matters relating to paying these essentials and everything related to the same are concerned. Nevertheless, armed with adequate information about this subject, payers of duties, especially the ones who have recently qualified to make such imperative contributions can manage to sail through the process and procedures without somersaulting on possible hurdles and obstacles. Basically, any assessee is needed to be thorough about two main processes; one is about paying the levies and the other is about filing service tax returns. 

Till date people have mostly been concerned about the former and subjected the latter to a great degree of negligence. What these assessees don’t realize is that, such negligence can be met with severe penalties mostly in the form of fines that can amount to around ten thousand rupees or, more depending upon variable factors. Besides being a punishable offence once neglected, there are certain other aspects that assessees must enlighten themselves with regarding this subject. Here are a few of these aspects that can help assessees begin their understanding about returns per se. 

• To begin with, all people who pay taxes are qualified to file returns.
• Not making the necessary filing can amount to penalties in the form of fines.
• By Rule 7 of service tax rules and amended by Notification No. 43/2011 – ST dated 25/08/2011, it is now mandatory to file the same electronically.
• It is crucial to abide by the dates of completing the procedure, not doing which can again invite penalties in the form of fines.
• The dates are usually mentioned clearly in the websites that are associated with offering information about all matters of taxation.
• If a certain service provider offers two or, more than two services, a single return can be filed for all.
• In case of any error in the detailed offered in the file, the revised version can be submitted within 90 days of the earlier submission.

The author of this article is a highly qualified and sought-after tax consultant to both individuals and small entrepreneurs. The author suggests concerned individuals to keep abreast with important information like how to pay service tax, etc. For more information about service tax returns, he recommends you to visit myservicetax.in.