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B.Aruna (Practicing Chartered Accountant)     16 March 2012

Service tax rate 12.36 - w.e.f ?

Dear Friends,

The increased rate of service tax  from 10% to 12% in Budget 2012, will be effect from the next Financial year 2012-13 or else from this month ah???

pls clarify me.



 29 Replies

venkata narayana reddy m

venkata narayana reddy m (ARTICLED STUDENT)     16 March 2012

1. Service Tax is 12.36% on gross services and Excise duty also 12.36%

Basic rate is   @ 12%

Education cess @ 2%

SHEC @ 1%

venkata narayana reddy m

venkata narayana reddy m (ARTICLED STUDENT)     16 March 2012

Union Budget highlights

 


(Guest)

Dear Frnd

 

It will be with effect from tommorrow. No Change or question of fact on this regard. Generally, All Indirect Tax Amendments will come into effect from next day of budget.

 

Regards

 

Sriram 

1 Like
Fahad Ali Sayed

Fahad Ali Sayed (Praciticing CA)     16 March 2012

All changes in relation to service tax take effect from a notified date and not immediately as in case oif excise duty.

The notified date being 1st April 2012 in case of changes in relation of service tax . Hence Service Tax Rate will be 12% from 1st april 21012.

And changes in rate of excise duty take effect from midnight of 16th March 2012.

//indiabudget.nic.in/ub2012-13/cen/dojstru2.pdf

2 Like
Fahad Ali Sayed

Fahad Ali Sayed (Praciticing CA)     16 March 2012

Mr.Sriram No offence but please get facts absolutely correct before posting.

1 Like

(Guest)

Oh Not at all Gasping Mr. Fahad. Previous amendments, historically & generally comes into practice by next day. (1st March). 

 

Regards, 


Sriram R

Fahad Ali Sayed

Fahad Ali Sayed (Praciticing CA)     16 March 2012

Serive tax rate change is alway from a notified date excise and customs rate change immediately

Pratik

Pratik (Manager Finance)     16 March 2012

where can we get this TRU file for other updates Fahad

Rakesh Gupta

Rakesh Gupta (Vice President Finance)     16 March 2012

Dear Firends,

Please go though the attached memorandum to Finance Bill 2012 for insights into amendments proposed in Indirect Taxes.


Attached File : 303274 949375 memorandum to finance act 2012.pdf downloaded: 4069 times
v.mohan

v.mohan (chartered accountant)     16 March 2012

Service tax rate is effective only after the budget is passed in parliament and president's approval is obtained which will be before the end of may.

deepak

deepak (Chartered Accountant Company Secretary)     16 March 2012

Increased service tax and excise duty rates will be applicable from 17/3/2012

Maneesh Kumar

Maneesh Kumar (B.Com M.Com STUDENT CWA IPCC)     17 March 2012

Increased service tax rates will be applicable from 01/04/2012.

Valerian Dsouza

Valerian Dsouza (Manager Audit & Taxation)     17 March 2012

As reported in " BUSINESS STANDARD" , SECTION -III,  Budget 2012-13 explanatory memorandum page 5, dated 17th March, 2012, which is reproduced hereunder briefly :

1. RATE OF SERVICE TAX :

        1) The rate of service tax is being increased from ten percent to twelve percent.

        2) .......

        3)........

        4) .........

( The above changes will be applicable from 01.04.2012 )

 

1 Like
Raja Panduranga CA, CS, LLB

Raja Panduranga CA, CS, LLB (Cheif Finance Officer)     17 March 2012

Service tax of 12%  will be effective from 1st April 2012


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