Effective rate of s.tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 March 2015
Sir,
What is the effective rate of s.tax 14% or 16%?
What is the effective rate of s.tax 14% or 16%?
02 March 2015
presently effective rate is 12.36 % which is proposed to 14 %
02 March 2015
The service tax rate is being increased from 12% plus Education Cesses to 14%. The ‘Education Cess’ and ‘Secondary and Higher Education Cess’ shall be subsumed in the new service tax rate. The revised rate shall come into effect from a date to be notified.
So as of now 12.36 is applicable.
So as of now 12.36 is applicable.
02 March 2015
the calculation is 14% is inclusive of cess
14 = 13.59 % + 0.27 +.14
now 2% is swtach bharat cess so effective service tax rate after its notified would be 14 +2 = 16 %
14 = 13.59 % + 0.27 +.14
now 2% is swtach bharat cess so effective service tax rate after its notified would be 14 +2 = 16 %
02 March 2015
till Ministry of finance does not notify this rate the existting rate of 12.36% shall be applicable.
03 March 2015
Tushar Service Tax rate will be 16%, are you sure?
03 March 2015
yes sanjay bhai even if u see the budget speech jaitely said " i proposed to increase the current service tax rate from 12.36% to 14% including cess as applicable.Further i proposed to impose 2% additional swachh bharat cess on specified services.
so in my view it will be indirectly 16% for specified services.
u can refer this article by noted service tax expert pradeep jain :
https://www.caclubindia.com/articles/service-providers-be-ready-to-fulfill-the-dream-of-modi-s-swachh-bharat--23203.asp
so in my view it will be indirectly 16% for specified services.
u can refer this article by noted service tax expert pradeep jain :
https://www.caclubindia.com/articles/service-providers-be-ready-to-fulfill-the-dream-of-modi-s-swachh-bharat--23203.asp
03 March 2015
In this link if you read then pradeep jain to says it will be 16% for specified services.
03 March 2015
Dear Tushar you must be aware cess is always charged on Service Tax so effective rate will be 14.28% and not 16%.
Just like right now service tax rate is 12% and cess 3%. So effective rate is 12.36% and not 15%.
Just like right now service tax rate is 12% and cess 3%. So effective rate is 12.36% and not 15%.
03 March 2015
I may be wrong but pradeep jain sir to intrepreted in same way.however lets wait for notification by govt on this issues.
03 March 2015
I have already asked the question on Pradeep Sir's Article. I expect rate to be 14.28%.
03 March 2015
Sanjay bhai i have seen many post on fb professional community and all such debates from last 2 days and most have concluded the same but ur more knowledgeable person so how can i argue with you?
03 March 2015
Argument is always welcome. It enables us to get the clarity in the matter. And I have very limited knowledge but I have the hunger to keep on learning.
I think I have raised a valid point which is based on my understanding of the matter rather than any discussion on forum. I would love to see the link of such debate so that I can get to know the point of view of other experts. Requested to provide the link of such debate.
I think I have raised a valid point which is based on my understanding of the matter rather than any discussion on forum. I would love to see the link of such debate so that I can get to know the point of view of other experts. Requested to provide the link of such debate.
03 March 2015
At moment do not have access to fb in office.
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 March 2015
THANKS SIR................
03 March 2015
you are welcome friend...............
03 March 2015
https://www.dnaindia.com/money/report-rest-easy-service-tax-rate-won-t-exceed-1428-2065634
Please check out above link. Service Tax rate won't exceed 14.28%.
Please check out above link. Service Tax rate won't exceed 14.28%.
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