New rate

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MAKARAND DAMLE

MAKARAND DAMLE (Querist)
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29 May 2015 THE APPLICABILITY OF NEW RATE OF 14% HAS BEEN NOTIFIED ?

CA John Abraham Austin ACA

CA John Abraham Austin ACA (Expert)
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29 May 2015 Yes. It has been notified.
This revised rate (14%) will be applicable with effect from 1st of June 2015.
But the govt. are yet to notify the Swachh Brarat cess till now.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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29 May 2015 Revised Service Tax Rate of 14% will be applicable from 01.06.2015. Refer Notification No 14/2015 Dated 19.05.2015 and department clarification from link given below, which is self explanatory:

https://www.caclubindia.com/forum/files/555789_20150519211107_notification.pdf

https://www.caclubindia.com/forum/files/555789_20150519213343_tru_letter.pdf

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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29 May 2015 Switch over to new rates. To simplify:-

Rule 4 of Point of Taxation Rules change in effective rate of Service Tax: There are three events that occur in connection with a service A. Issue of Invoice B.Payment received C. Provision of Service If any two out of the three events have occurred on/before 31st May, the old rate of 12.36% shall be applicable. If any two out of the three events have occurred on/after 1st June, the new rate of 14% shall be applicable.

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