Service tax
This query is : Resolved
Sujoy Banerjee
(Querist)
31 May 2015
pls someone confirm the new service tax rate and whether it is applicable from 1st june or not.
31 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
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
31 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.
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.
CA AnKiT BoHrA (AB)
(Expert)
31 May 2015
It is applicable from first june..new rate is 14%
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