Discuss in detail the Salient Features of Service Tax

Service tax is an indirect tax levied on certain services provided in India. It was introduced in India in 1994 under the Finance Act, 1994, and has undergone several changes over the years. Here are the salient features of service tax:

1. Taxable Services: Service tax is applicable to specified services as listed in the Service Tax law. The tax is levied on the value of taxable services provided by a service provider. Examples of taxable services include telecommunication services, banking and financial services, insurance services, consulting services, and transportation services.

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