SECTION 93 OF THE FINANCE ACT, 1994 – POWER TO GRANT EXEMPTION FROM SERVICE TAX – REDUCTION OF RATE OF SERVICE TAX ON TAXABLE SERVICES AS SPECIFIED IN SECTION 65(105) NOTIFICATION NO. 8 /2009, - SERVICE TAX, DATED 24-2-2009 In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the Finance Act), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts all the taxable services specified in sub-section 105 of section 65 of the Finance Act from so much of service tax leviable there on under section 66 of the Finance Act, as is in excess of the rate of ten per cent of the value of taxable services. [F. No. 354/210/2008-TRU(part)]
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SERVICE TAX REDUCTION NOTIFICATION
Replies (8)
Good inf sir
thanks
Is there any other notification regarding the rate cut in case composition schemes?
is there any notification for the rate cut and from when it will be applicable
This notification will be applicable from the date it passed... so in this case the applicable date is 24/02/09
Rates under composition scheme remains unchanged. However, where abatement of value is there, benefit of new rates will be available.
is the excise and service tax rate reduction applicable for all the services or it is applicable for some specific products only.
Redarding Central excise duty, the rate is reduced from 10% to 8%. It is applicable only to those goods which were attarcting 10% duty earlier. Where the goods were attracting different rate, i.e. 8% or 4% earlier, the rate remains unchanged.
Service tax exemption is available to all services.
This Notification is very satisfactfull because this deduction is apply for any one service.
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