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Net service tax on intellectual property service
PLEASE INTIMATE THE EFFECTIVE RATE OF SERVICE TAX ON INTELLECTUAL PROPERTY SERVICE (IMPORT OF TECHNOLOGY) AFTER DEDUCTING R&D CESS i. e. WHETHER IT WILL BE 12.36%-5% R&D CESS = 7.36% OR 12%-5%=7%+. 21%(CESS)=7.21%.
AN EARLY REPLY IS REQUESTED.
THANK YOU SIR.
Replies (1)
Hi Vinod,
The exemption has been granted to amount of Cess payable from so much of service tax payable.
Hence, I believe, it should be 7.36% [12.36% - 5%].
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