Hello Freinds,
I have some doubt on Service Tax Rates under composition scheme.
Earlier when Rate was 12.36% it comes out 4.12% (12.36% of 33.33% Value =4.12%)
At present Rate is 10.30% hence It should come 3.43% (10.30% of 33.33% = 3.43%)
But during one discussion I came to know that Rate of Service Tax under Composition scheme is still 4.12%.
Please confirm me whether it is true or 3.43% is correct.
Thanks
Notification No 8/2009 – ST dated 24.02.2009 has been issued to exempt the service tax that is in excess of 10%. On the other hand this is reduction of service tax rate from the existing rate of 12% to 10%.
The effective Service Tax rate shall be 4.12% (i.e, 40% on 10.3) on the gross bill
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