New service tax

For service tax it will be effective from 1/4/2012....

For excise it is 17/3/2012....

Hi everyone, I know that to improve our country , the service tax is needed . I know that the money , which comes from the service tax, is used in to the our country , where needed.

               I    think that the government wants to add the new tax in the every 3years so that if the money is increase then tax is alao increase.

Thanking you .

Originally posted by : D R P
	For service tax it will be effective from 1/4/2012.... For excise it is 17/3/2012....

Service tax it will be effective from 1/4/2012.

Yes Unless otherwise mentioned in any notification, date of applicability of Excise is 17th March 2012 while Service tax from 1st April 2012

 

Thanks

Mihir Doshi

Amended Service Tax will applicable w.e.f  01-04-12

In budget 2012, somewhere I had read that the exemption limit for Service Tax has been increased to Rs. 50 Lakhs. Is this true?  Please, can someone tell me what is the latest exemption limit, as per this budget?

The limit for ST is still Rs.10 lacs only. Only payment of ST on accrual basis, which was introduced from April,2011 was removed for ST assesses, who are either individual or partnership firm, whose ST turnover in the previous year does not exceed Rs.50 lacs, can pay ST on collection basis. This facility is not applicable to Companies.