Service Tax

Tax Glossary Definition

Service Tax

A tax levied by the government on the provision of services, typically borne by the service provider but often passed on to the consumer, based on the value of the service provided.

Example:
Consider an IT consulting firm that charges a professional fee of ₹1,00,000 to a client. If the applicable service tax rate is 15%, the tax would amount to ₹15,000. This brings the total invoice value to ₹1,15,000. The client pays this full amount, and the consulting firm is responsible for remitting the ₹15,000 service tax portion to the government.

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