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Discussion > Service Tax > rates >

Service tax rate 12.36 - w.e.f ?

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Articled Assistant (TERROR BUT THRILLING)


[ Scorecard : 64]
Posted On 16 March 2012 at 14:03 Report Abuse

Dear Friends,

The increased rate of service tax  from 10% to 12% in Budget 2012, will be effect from the next Financial year 2012-13 or else from this month ah???

pls clarify me.


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venkata narayana reddy m
ARTICLED STUDENT


[ Scorecard : 273]
Posted On 16 March 2012 at 14:08

1. Service Tax is 12.36% on gross services and Excise duty also 12.36%

Basic rate is   @ 12%

Education cess @ 2%

SHEC @ 1%





venkata narayana reddy m
ARTICLED STUDENT


[ Scorecard : 273]
Posted On 16 March 2012 at 14:09

Union Budget highlights

 




Member (Account Deleted)
Trainee - Secretarial; CS Final ICWA Final


[ Scorecard : 301]
Posted On 16 March 2012 at 14:18

Dear Frnd

 

It will be with effect from tommorrow. No Change or question of fact on this regard. Generally, All Indirect Tax Amendments will come into effect from next day of budget.

 

Regards

 

Sriram 



Total thanks : 1 times



Fahad Ali Sayed
Praciticing CA


[ Scorecard : 40]
Posted On 16 March 2012 at 15:05

All changes in relation to service tax take effect from a notified date and not immediately as in case oif excise duty.

The notified date being 1st April 2012 in case of changes in relation of service tax . Hence Service Tax Rate will be 12% from 1st april 21012.

And changes in rate of excise duty take effect from midnight of 16th March 2012.

//indiabudget.nic.in/ub2012-13/cen/dojstru2.pdf



Total thanks : 2 times



Fahad Ali Sayed
Praciticing CA


[ Scorecard : 40]
Posted On 16 March 2012 at 15:10

Mr.Sriram No offence but please get facts absolutely correct before posting.



Total thanks : 1 times



Member (Account Deleted)
Trainee - Secretarial; CS Final ICWA Final


[ Scorecard : 301]
Posted On 16 March 2012 at 15:20

Oh Not at all Gasping Mr. Fahad. Previous amendments, historically & generally comes into practice by next day. (1st March). 

 

Regards, 


Sriram R




Fahad Ali Sayed
Praciticing CA


[ Scorecard : 40]
Posted On 16 March 2012 at 15:30

Serive tax rate change is alway from a notified date excise and customs rate change immediately




Pratik
Manager Finance


[ Scorecard : 21]
Posted On 16 March 2012 at 15:38

where can we get this TRU file for other updates Fahad




Rakesh Gupta
Vice President Finance


[ Scorecard : 92]
Posted On 16 March 2012 at 17:10

Dear Firends,

Please go though the attached memorandum to Finance Bill 2012 for insights into amendments proposed in Indirect Taxes.



Attached File : 303274 949375 memorandum to finance act 2012.pdf downloaded 3949 times

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