Service tax rate for fy 2015-16
This query is : Resolved
29 April 2015
Dear Experts,
What would be the New Service Tax rate?
a. 14%
b. 14+E.Cess 3%=14.42%
c. 14+Swachh cess 2% =14.28%
d. 14%+E.Cess+Swachh Cess 2%=14.70%
When it will likely to implement ?
What would be the New Service Tax rate?
a. 14%
b. 14+E.Cess 3%=14.42%
c. 14+Swachh cess 2% =14.28%
d. 14%+E.Cess+Swachh Cess 2%=14.70%
When it will likely to implement ?
29 April 2015
new rate details and effective date will be notified by the department once the finance act enacted. so till then we have to wait for the details about new rate
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29 April 2015
Please refer D.O.F. No. 334/5/2015-TRU Dated 28.02.2015 from link given below:
http://www.cbec.gov.in/ub1516/do-ltr-jstru2.pdf
By the wording used which says Swachh Bharat cess @ 2% on Taxable Value of Service, rate can be 14+2=16%. But i personally feel that since cess is levied on Tax Amount it will come to 14.28%.
As advised by Ramesh Ji we should wait for the official notification for clarity in this matter.
http://www.cbec.gov.in/ub1516/do-ltr-jstru2.pdf
By the wording used which says Swachh Bharat cess @ 2% on Taxable Value of Service, rate can be 14+2=16%. But i personally feel that since cess is levied on Tax Amount it will come to 14.28%.
As advised by Ramesh Ji we should wait for the official notification for clarity in this matter.
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14 May 2015
Hon’ble President has given assent to Finance Bill, 2015 and now it became Finance Act (No.20)2015.
Notification for effective date regarding increase in service tax rate from 12.36% to 14% is still awaited.
Notification for effective date regarding levy of Swachh Bharat Cess of 2% also awaited.
Now Service Tax Notification in this regard is expected to be out soon.
Notification for effective date regarding increase in service tax rate from 12.36% to 14% is still awaited.
Notification for effective date regarding levy of Swachh Bharat Cess of 2% also awaited.
Now Service Tax Notification in this regard is expected to be out soon.
19 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
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