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Service tax

karthik (audit staff) (87 Points)

28 March 2012

hi, now service tax rate revised from 10% to 12%. it is applicable from which date. pls clarrify the same.............

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13 Replies

Karthikeya2020 (Student) (2030 Points)
Replied 28 March 2012

Hi..

It will appilcable from financial year 2012-13 (i.e., April 1st 2012).

Best Regards,

Karthikeya...

Suraj Singh Negi (Accountant) (26 Points)
Replied 28 March 2012

Hi I m Suraj, working as accounts exec. My organisation has started new vertical of manpower supply busines. I have query in relation to the payment date of service tax which we will charge from our clients on the services provided for the month of march. As we have to raise invoice on the basis of attendance of our perssonel, we caanot raise invoice bfore first working day of consecutive month i.e., april. But according to service tax rule6 sub-rule(1),"Provided also that the service tax on the value of taxable services received during the month of March, or the quarter ending in March, as the case may be, shall be paid to the credit of the Central Government by the 31st day of March of the calendar year.]9" Please advise, should we pay service tax on 31st march and what would be accounting treatment

Pratul (FINANCE MANAGER) (105 Points)
Replied 28 March 2012

@ suraj.. You have interpreted d clause n rules correctly. What u can do is deposit a lumpsum in ur PLA on an estimated calculation.. N later on while filing of return, adjust the money excess so paid..

1 Like

dipesh mehta (CA FINALIST) (157 Points)
Replied 29 March 2012

Can anyone can forward me service tax rates from 2002.

Alok mukherjee (B) (248 Points)
Replied 29 March 2012

Pratul,

Could you pls explain me the funda of PLA? Is money deposited into the PLA by opening a PLA a/c with bank?

K CHANDRAKAR (dy mgr accounts) (49 Points)
Replied 29 March 2012

At present, the rate of Service Tax is 10%, payable on the "gross value of taxable service". In addition to this, Education Cess is payable at the rate of 3% on the Service Tax amount. (2% P.EC & 1% H.EC). The rate of tax may change during Annual Budget by a Finance Act.

History of rates:

Sl. No.	Period	Rate of Tax	Rate of Education Cess
1.	1994 to 13.05.2003	5%	Nil
2.	14.05.2003 to 09.09.2004	8%	Nil
3.	10.09.2004 to 17.04.2006	10%	2% of the S.T.
4.	18.04.2006 to 10.05.2007	12%	2% of the S.T.
5.	11.05.2007 to 24.02.2009	12%	2% of S.T. + 1% of the S.T. (Secondary & Higher Education Cess)
6.	25.02.2009 to till date	10%	2% of S.T. + 1% of the S.T. (Secondary & Higher Education Cess)