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Service tax rate 12.36 - w.e.f ?

Articled Assistant (TERROR BUT THRILLING)

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

Basic rate is   @ 12%

Education cess @ 2%

SHEC @ 1%

 
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Union Budget highlights

 

 
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Trainee - Secretarial; CS Final ICWA Final

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

 
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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

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


Total thanks : 1 times

 
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Trainee - Secretarial; CS Final ICWA Final

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

 

Regards, 


Sriram R

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

 
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Manager Finance


where can we get this TRU file for other updates Fahad

 
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Vice President Finance


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 3999 times
 
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