Rate of service tax @14% or 14.5%
This query is : Resolved
31 December 2015
Sir,
If I hv recd the amount in December but the invoice was raised on 1st nov or on 1st oct so what rate wud be applicable in such a case ?? 14 or 14.5 % ??
Also if the service is provided on a continuous basis for eg renting of immovable property then what would b the rate ??
CA R SEETHARAMAN
(Expert)
31 December 2015
For 1st Nov and 1st Oct invoice only 14% service tax applicable.
CA Pallav Singhania
(Expert)
31 December 2015
Budget 2015 has increased service tax rate from 12.36% to 14%. The basic rate of service tax is now 14% and no education cess will be levied to it.
However, swachh Bharat cess – 0.5% has been levied from 15th Nov, 2015. So effective rate will be 14.5%.
However, swachh Bharat cess – 0.5% has been levied from 15th Nov, 2015. So effective rate will be 14.5%.
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