Rate of service tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 June 2015
experts,
my query is that what is the rate of service tax 14% or 14.42%. if 14% do i suggregate secondary and higher education cess.
my query is that what is the rate of service tax 14% or 14.42%. if 14% do i suggregate secondary and higher education cess.
CA R SEETHARAMAN
(Expert)
15 June 2015
It is 14% no segregation is required.
CMA MALHAR BEHERA
(Expert)
15 June 2015
Its 14% not 14.42% and no need to segregate.
As per Circular No. 183/02/2015-ST, Dtd. 10th April, 2015 the rate of Service Tax is being increased from 12% plus Education Cesses to 14%. The ‘Education Cess’ and ‘Secondary and Higher Education Cess’ shall be subsumed in the revised rate of Service Tax. Thus, the effective increase in Service Tax rate will be from the existing rate of 12.36% (inclusive of cesses) to 14%, subsuming the cesses.
As per Circular No. 183/02/2015-ST, Dtd. 10th April, 2015 the rate of Service Tax is being increased from 12% plus Education Cesses to 14%. The ‘Education Cess’ and ‘Secondary and Higher Education Cess’ shall be subsumed in the revised rate of Service Tax. Thus, the effective increase in Service Tax rate will be from the existing rate of 12.36% (inclusive of cesses) to 14%, subsuming the cesses.
CA AnKiT BoHrA (AB)
(Expert)
17 June 2015
It is only 14% net dear.......
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