Service tax bifurcation for 14%
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 March 2015
can i know what is service tax bifurcation for 14% ??
Service Tax = ?
Education cess = ?
Secondary education cess = ?
Service Tax = ?
Education cess = ?
Secondary education cess = ?
CMA Ramesh Krishnan
(Expert)
30 March 2015
In the budget it is consolidated rate. so still segregation between tax & cess need to be notified by the department
while making the effective date, the department will intimate the same
while making the effective date, the department will intimate the same
31 March 2015
Please refer D.O.F. No. 334/5/2015-TRU Dated 28.02.2015 from link given below:
https://www.cbec.gov.in/ub1516/do-ltr-jstru2.pdf
In point No. 3.1 it is clearly mentioned that "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.
In Point No. 3.3 it is also mentioned that "The new Service Tax rate shall come into effect from a date to be notified by the Central Government after the enactment of the Finance Bill, 2015."
https://www.cbec.gov.in/ub1516/do-ltr-jstru2.pdf
In point No. 3.1 it is clearly mentioned that "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.
In Point No. 3.3 it is also mentioned that "The new Service Tax rate shall come into effect from a date to be notified by the Central Government after the enactment of the Finance Bill, 2015."
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CA Shyam Agarwal
(Expert)
18 June 2015
if service tax rate is 14% then while depositing the ST what amount fill as EC and SHEC.
18 June 2015
No amount to be filled. Entire amount to be filled in Service Tax.
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