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Service tax was an important component of indirect taxation introduced with the objective of bringing the growing service sector under the tax net. It was levied by the Central Government on specified services and was governed mainly by the provisions of the Finance Act, 1994. The basic feature of service tax was that it was a tax on the value of services provided and not on goods. As the economy expanded and the service sector began to contribute a major share to national income, the need for a separate mechanism of taxation for services became essential. Service tax was therefore introduced as a modern and progressive form of taxation. One of the salient features ______ ________ _____ __________ ____ __________ _____ ____ __________ ____ __________.
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