What is service exemption?
Service Tax is required to be paid on all services except those specified in the negative list of services. However, a small scale service provider has the option of availing service tax exemption in case the aggregate turnover value of taxable services does not exceed Rs 10 Lakhs in a financial year.
Who is exempt from service tax?
Small service providers whose total turnover value of all taxable services provided by them is not more than Rs 10 lakhs over the course of a financial year are eligible to avail of service tax exemptions.
What is B2B exemption?
The ‘B2B Exemption’ Under the B2B exemption, if a taxable person is registered for the provision of the same taxable service as he acquires from a service tax registered supplier, then the taxable person may claim exemption from service tax.
Who is eligible for SST Malaysia?
Usually, a business or service provider working under the Service Tax Act 2018 must register with the SST if the annual value of taxable services exceeds RM500,000. The SST threshold for restaurants, cafes, canteens, bars, or any other place that offers something to drink or eat to its customers is RM1,500,000.
Which of the following services is exempt?
Exempt services include cultivation, harvesting, supply of farm labor, fumigation, packaging, renting or leasing of machinery for agricultural purposes, warehouse activities, and services by an Agricultural Produce Marketing Committee or Board that is provided by an agent for the sale or purchase of agricultural …
What are the services given in exemption notification?
Services by the Department of Posts by way of speed post, express parcel post, life insurance, and agency services provided to a person other than Government; Services in relation to an aircraft or a vessel, inside or outside the precincts of a port or an airport; Transport of goods or passengers; or.
Can we claim service tax?
Section 64 of the Finance Act, 1994, extends the levy of service tax to the whole of India, except the State of Jammu & Kashmir. Generally, the liability to pay service tax has been placed on the ‘service provider’.
What is exempted from SST Malaysia?
Goods Exempted from Sales Tax All goods that are manufactured for export will be exempt from sales tax. Following are the other goods exempted from sales tax: Live animals, fish, meat, seafood, milk, eggs, vegetables, fruits, bread.
Who can apply SST exemption?
Any registered person who has provided prescribed services to any registered person entitled for the exemption is required to declare the value of service exempted from tax in column 18 (c) of SST-02 form.
Which service is exempted from GST and why?
All the services related to agriculture including harvesting, cultivation, supply, packaging, warehouse, renting or leasing of machinery, etc. are exempted from GST. However, this does not include the rearing of horses. Transportation of individuals via public transport, metered cabs, auto-rickshaws, metro, etc.