Valuation of Services for Service Tax Purposes
This quiz covers the valuation of services for service tax purposes under Indian law.
Questions
Which of the following is not a method of valuation of services for service tax purposes?
- Cost of service method
- Gross receipts method
- Transaction value method
- Residual method
Under the cost of service method, the value of a service is determined by:
- Adding the cost of materials, labor, and overhead
- Subtracting the cost of materials, labor, and overhead from the gross receipts
- Multiplying the cost of materials, labor, and overhead by a markup factor
- Dividing the cost of materials, labor, and overhead by a markup factor
Under the gross receipts method, the value of a service is determined by:
- Adding the cost of materials, labor, and overhead
- Subtracting the cost of materials, labor, and overhead from the gross receipts
- Multiplying the gross receipts by a markup factor
- Dividing the gross receipts by a markup factor
Under the transaction value method, the value of a service is determined by:
- The price actually paid or payable for the service
- The price that would have been paid or payable for the service in an arm's length transaction
- The cost of materials, labor, and overhead
- The gross receipts from the service
Which of the following services is exempt from service tax?
- Legal services
- Accounting services
- Engineering services
- Architectural services
Which of the following services is subject to a service tax of 12%?
- Hotel accommodation services
- Restaurant services
- Air travel services
- Telecommunication services
Which of the following services is subject to a service tax of 18%?
- Consulting services
- Management services
- Information technology services
- Business support services
Which of the following services is subject to a service tax of 28%?
- Gambling services
- Betting services
- Lottery services
- Horse racing services
Which of the following services is subject to a service tax of 30%?
- Cigarette smoking services
- Alcohol drinking services
- Drug taking services
- Prostitution services
Which of the following services is subject to a service tax of 40%?
- Pan masala chewing services
- Gutkha chewing services
- Tobacco chewing services
- Snuff chewing services
Which of the following services is subject to a service tax of 50%?
- Aerated water drinking services
- Soft drink drinking services
- Fruit juice drinking services
- Vegetable juice drinking services
Which of the following services is subject to a service tax of 60%?
- Ice cream eating services
- Chocolate eating services
- Candy eating services
- Biscuit eating services
Which of the following services is subject to a service tax of 70%?
- Movie watching services
- Theatre watching services
- Circus watching services
- Magic show watching services
Which of the following services is subject to a service tax of 80%?
- Amusement park services
- Water park services
- Theme park services
- Adventure park services
Which of the following services is subject to a service tax of 90%?
- Gambling services
- Betting services
- Lottery services
- Horse racing services