Service tax
This query is : Resolved
21 May 2015
Hi,
Pls let me update by when service tax new rate i.e. 14% is going to apply.
Further,I want to know service tax reverse charge mechanism rules for year 2015-16.
Rgds,
Pls let me update by when service tax new rate i.e. 14% is going to apply.
Further,I want to know service tax reverse charge mechanism rules for year 2015-16.
Rgds,
21 May 2015
Revised Service Tax Rate will be applicable from 01.06.2015.
Refer Notification No 14/2015 Dated 19.05.2015 from link given below:
https://www.caclubindia.com/forum/files/555789_20150519211107_notification.pdf
https://www.caclubindia.com/forum/files/555789_20150519213343_tru_letter.pdf
Refer Notification No 14/2015 Dated 19.05.2015 from link given below:
https://www.caclubindia.com/forum/files/555789_20150519211107_notification.pdf
https://www.caclubindia.com/forum/files/555789_20150519213343_tru_letter.pdf
21 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.
Wef June 1st:
Following effective rates for various services (in bracket present rate)
GTA transports -3.5 (3.71)
Builder-residentl -3.5 (3.09)
Builder-comrcl -4.2 (3.71)
Civil cntr wth mtrl -5.6(4.94)
Erctn/elctr wth mtrl-5.6(4.9)
repair mntnce of bldg or goods -9.8 (8.64)
Lodging -8.4 (7.42)
Restaurant -5.6 (4.9)
Catring -8.4 (7.42)
Hall wth Catring -9.8 (8.64)
vehicle rent -5.6 (4.94)
For details ,pl refer 67A..
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.
Wef June 1st:
Following effective rates for various services (in bracket present rate)
GTA transports -3.5 (3.71)
Builder-residentl -3.5 (3.09)
Builder-comrcl -4.2 (3.71)
Civil cntr wth mtrl -5.6(4.94)
Erctn/elctr wth mtrl-5.6(4.9)
repair mntnce of bldg or goods -9.8 (8.64)
Lodging -8.4 (7.42)
Restaurant -5.6 (4.9)
Catring -8.4 (7.42)
Hall wth Catring -9.8 (8.64)
vehicle rent -5.6 (4.94)
For details ,pl refer 67A..
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