SERVICE TAX

Service Tax is a form of indirect tax imposed on specified services called "taxable services". Service tax cannot be levied on any service which is not included in the list of taxable services. Over the past few years, service tax been expanded to cover new services. The objective behind levying service tax is to reduce the degree of intensity of taxation on manufacturing and trade without forcing the government to compromise on the revenue needs. The intention of the government is to gradually increase the list of taxable services until most services fall within the scope of service tax. For the purpose of levying service tax, the value of any taxable service should be the gross amount charged by the service provider for the service rendered by him.
Service Tax was first brought into force with effect from 1 July 1994. All service providers in India, except those in the state of Jammu and Kashmir, are required to pay a Service Tax in India. Initially only three services were brought under the net of service tax and the tax rate was 5%. Gradually more services came under the ambit of Service Tax. The rate of tax was increased from 5% to 8% w.e.f 14 May 2003. From 10 September 2004 the rate of Service Tax was enhanced to 10% from 8%. Besides this 2% education cess on the amount of Service Tax was also introduced. In the Union Budget of India for the year 2006-2007, service tax was increased from 10% to 12%. On February 24, 2009 in order to give relief to the industry reeling under the impact of economic recession, The rate of Service Tax was reduced from 12 per cent to 10 per cent.
Some of the major services that come under the ambit of Service Tax are:

  • Telephone
  • Stockbroker
  • General Insurance
  • Advertising agencies
  • Courier agencies
  • Consulting engineers
  • Custom house agents
  • Steamer agents
  • Clearing & forwarding agents
  • Air travel agents
  • Tour operators
  • Rent-a-Cab Operators
  • Manpower recruitment Agency
  • Mandap Keepers Architects
  • Interior Decorators  etc.


Its possible that we get more deals replica watches like the one just announced. But we are not in it for pure OEM manufacturing, not at the moment anyway. You have mentioned omega replica in the past a $1Bn target by 2015. Going by the developments, you have successfully raised money, things look to be on track. What are the replica watches uk top 3 milestones/successes Opto Circuits is looking to achieve in that drive in the next 2-3 yearsis it -USFDA approval for DIOR/DES Stents (BMS stents are in the process) -large-scale rolex replica manufacturing for medical equipment biggies -dominating Indian market for Invasives? As we explained before Criticare revenues are set to double. The investments made in Criticare are beginning omega replica to show. We have a slew of products coming out. Opto Circuits now has a complete range of products for addressing the full needs of patient monitoring in all environments CCU, OT. We are cartier replica able to address opportunities which we earlier could not because of a limited range rolex replica are big worldwide tenders from bodies such as the WHO. Opto Circuits is one of the shortlisted vendors. In the replica belts coming 2 years the invasive products from EuroCor will be a big driver of growth. Opto Circuits is the first with CE omega replica approval for DIOR replica wallets (drug eluting balloon) and Magical stent+DIOR (which is a superior technology to the DES stent). Sales are dependent on clinical louis vuitton replica data from tests, acceptance with doctors rolex replica, there are major market development efforts/costs involved. More the tests data, the easier to find major acceptance, easier to sell. Competitors on this technology are atleast 2 years replica watches uk away from approval, so we are very hopeful that these may prove to be real disruptive products, as they offer louis vuitton replica significant benefits over existing technology.

Copyright (c). All Rights Reserved. Privacy Policy Website Designed by Instep Consultancy Services