Government of India increases Service Tax: All you need to know

Service-Tax

Starting November 15, 2015, eating out, travelling and telephone charges have become expensive as the Government of India has imposed a 0.5 per cent Swachh Bharat cess of taxable services. The service tax has now been changed from 5.6 per cent to 5.8 per cent. It is expected that the increase in taxes would capitulate a total of about Rs 3,800 crores.

Cess is a tax which is majorly used in United Kingdom in countries like Ireland and Scotland and was applied in colonial India during the British rule.

Here is a list of taxes that you should know about:

Service Tax: It is the tax which is levied by the government on service providers and is paid by customers. The service tax has been changed from 5.6 to 5.8 per cent and is consistent in all states.

Income Tax: The tax that has been imposed by the government on the income of a person. Income tax is charged on the annual salary of an individual through the business pursuits.

Sales Tax: It is the tax which is paid to the government for the sales of products and services. Sales tax is of different types depending upon the sale of product from manufacturer to wholesaler or retailer to the customer.

Entertainment Tax:
In India, tax is imposed on things related to entertainment such as for movie tickets, festivals, commercial shows, amusement parks etc. and the revenue goes to the state government.

Toll Road Tax: Also called as turnpike or tollway, toll tax is a fee paid by the passer by. The toll is collected to recover the cost of the road construction, maintenance etc.tservcie tax

Ref : http://indiatoday.intoday.in/education/story/service-tax/1/524661.html

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