Service tax rate 12.36 - w.e.f ?

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

Basic rate is   @ 12%

Education cess @ 2%

SHEC @ 1%

Union Budget highlights

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 

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

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

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

Regards, 

Sriram R

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

where can we get this TRU file for other updates Fahad

Dear Firends,

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

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.

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

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

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 )

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