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.
1. Service Tax is 12.36% on gross services and Excise duty also 12.36%
Basic rate is @ 12%
Education cess @ 2%
SHEC @ 1%
Union Budget highlights
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.
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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.
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Mr.Sriram No offence but please get facts absolutely correct before posting.
Oh Not at all Gasping Mr. Fahad. Previous amendments, historically & generally comes into practice by next day. (1st March).
Serive tax rate change is alway from a notified date excise and customs rate change immediately
where can we get this TRU file for other updates Fahad
Please go though the attached memorandum to Finance Bill 2012 for insights into amendments proposed in Indirect Taxes.
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