Question
Discuss in detail the Salient Features of Service Tax
Answer :
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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 of service tax was its wide scope and applicability. The tax was applicable to a large number of services such as banking, insurance, transport, consultancy, telecommunication, advertising, construction and many other professional and commercial
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