Paying your taxes is an essential part of adult life. It is the responsibility and duty of every citizen to pay his or her taxes and it is illegal to do otherwise. It is a tax levied by the government to those who provide service and are not exempt legally from paying the tax. The rate of service tax changes from country to country, and each country is free to change it from year to year as is outlined in their annual budget.
People Who Should Be Paying Service Tax
Most businesses are required to pay service tax. If you are a service provider, then you, too, are liable to pay service tax. If you provide a service and charge service tax from your customer, then you are mandated to deposit that tax with the government.
How To Pay Service Tax
Different categories of service tax payees have to pay their service taxes at different times. Thus, the date of deposit is different if you are an individual, a proprietor or a company. Next, the required form is to be identified and filled in at a recognised bank. There is a list of banks you can pay your service tax at, and if you do not pay in the recognised banks, the tax paid will not be recognised. Thus, it is imperative to identify which banks you can pay at. Failure to comply paying of your service tax leaves you open to financial and legal penalties on top of the tax which you have to pay.
How To Pay Service Tax
There are two main options available to you. Firstly, you can do it manually. You figure out where to get the forms, identify the banks where you can pay at, double check in case you are wrong, figure out which date you have to pay by and then, finally, stand in long queues for days till you can file. The easier way is e payment of service tax.
Why Should I Pay Service Tax Online?
For one, it is much easier than doing it manually in person. Filing your taxes is just a few clicks away, and nothing is easier than that. Secondly, correcting mistakes in the form is absolutely hassle-free. When you are opting for e payment of service tax, you can file more accurately as well. You can safely and securely do your calculations is a relaxed manner, leading to less mistakes on the form. The form itself is more accurate as many calculations are automated, reducing the margin for human error. The entire process is private as well, and no one but you and the computer is there to witness the form or the filing procedure. You will also have the receipt on hand, and you can choose to do your e payment of service tax at whatever time of night and day that you please.
Author Bio :- Neha Sharma is a finance student who loves to write in her free time. She has spent considerable time researching on e payment of service tax . She wishes to give advice on how e payment of service tax is an ideal choice in this article.