Service Tax terms in Axapta

 Service Tax- Service tax is a tax on Services.

à 15 alphanumeric service tax registration no. is PAN based.

à Tax Components –

a) Service Tax – 10.3 %                                       

b) PECess – 2%                                         

c) SHECess – 1%

à Returns are to be submitted on a monthly basis.

Accounting is done only on Cash Basis and credit is also availed if you have done cash payment of your taxes.

Service Tax can be setoff against the Excise Tax.