Discuss in detail the Salient Features of Service Tax

Question

22 Apr 2024

Answer :

Word Count : 590

Service tax, introduced in India in 1994, was a form of indirect tax levied on specified services. Although it was subsumed into the Goods and Services Tax (GST), understanding its salient features provides insights into India's earlier tax regime on services. Here are the key features of the service tax:

1. Legislative Authority

Service tax was governed by the Finance Act, 1994. The constitutional authority for levying service tax was derived from the Entry 97 of the Union List in the Seventh Schedule of the Indian Constitution, empowering the central government to levy taxes not mentioned in the State or Concurrent List.

2. Taxable Services

Initially, service tax was levied on only three services: stockbrokers, general insurance, and telephone services. Over time, the scope expanded significantly, eventually covering over 100 services, including banking, telecommunications, advertising, construction, and professional services.

3. Tax Rate

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