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.
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.
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
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.
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
CAclubindia
