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Service tax rate on event management services
i know the normal ST rate is 15%..................thanks for that but my question is not that
but as of now it is 14%+0.5%+0.5%
I FOUND THE RATE ON THE WEBSITE OF CBEC, I WANT KNOW THE REASON BEHIND IT.
A) Date of Introduction:
16.08.2002 vide Notification No.8/2002-ST, dated 01.08.2002.
(B) Definition and scope of service:
(i) "Event Management" means any service provided in relation to planning, promotion, organizing or presentation of any arts, entertainment, business, sports, [marriage]* or any other event and includes any consultation provided in this regard;
(Section 65(40) of the Finance Act, 1994)
(ii) "Event Manager" means any person who is engaged in providing any service in relation to event management in any manner;
(Section 65(41) of the Finance Act, 1994)
"Taxable Service" means any service provided or to be provided, [to any person], by an event manager in relation to event management.
(Section 65 (105) (zu) of the Finance Act, 1994)
(C) Rate of Tax & Accounting Code:
|
|
Rate of Tax |
Accounting Code |
|---|---|---|
|
Service Tax |
10% of the value of services |
00440197 |
|
Education Cess |
2% of the service tax payable |
00440298 |
|
Secondary and Higher Education cess |
1% of the service tax payable. |
00440426 |
|
Other -Penalty/interest |
As levied or applicable |
00440198 |
(Rate of tax is effective from 24.02.2009.)
Courtesy: https://www.cbec.gov.in/htdocs-servicetax/st-profiles/event-mgmt
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