Total taxes an independent service provider must pay

Dear Mr Prasad

Yes it is your responsiblity to pay the service tax @ 12.36% provided, your service value is above RS 10.00 Lac per annum. Also you have to pay Income Tax and on the Income earned by you subject to deductions. You are not clear in your query ehether you are running a consulting firm and not clear it is proprotietory or partnership.Consult your nearest Chartered Accountant for more details.

( Jayam Ramesh K C)

Hello Jayam Ramesh

Thanks a lot for your reply. I'm registered under "proprietorship" and I'm registered as an independent service provider (just one individual). I had to do this as my employer is not yet ready to take me under his payroll. So, in essense I will end up paying 42.36% net taxes (30% Income Tax + 12.36 Service Tax). As per your suggestion, I will approach a local CA for my needs.

Thanks Again!