Never mind. I figured it out by looking into the code. Actually there are 2 ways to accomplish it. I am mentioning it here in case if anyone else need a solution to this issue in future.
Solution 1:
Changed the slug in Tickets -> Settings -> Products Management -> Slug to the same value you have used for the Custom Base under product permalink. In my case I havd used ‘service’.
Solution 2:
Add the below code in wp-config.php file
define( 'WPAS_PRODUCT_SLUG', 'service' );
PS: Please go to the WordPress SETTINGS->PERMALINKS page and click the save button to force WP to update its configuration with your new value.
Thanks