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Effective Date of Service Tax Rate 12.36% or 14%
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| Posted Date : 01-May-2015 , 08:49:18 am | Posted By CASANSAAR |
Effective Date of Service Tax Rate 12.36% or 14%
Finance Bill 2015 has proposed to increase effective rate of service tax from 12.36% to 14%. Effective date will be only after Finance Bill become the Finance Act or the date notified by the Govt of India.
In this regard relevant portion of D.O.F. No.334/5/2015-TRU dated 28th February 2015 is produced below:
“3.3 The Service Tax rate shall come into effect from a date to be notified by the Central Government after the enactment of the Finance Bill, 2015”.
On April 30, 2015, the Lok Sabha passed the Finance Bill. The Bill which was presented originally in the Lok Sabha on February 28, 2015. Finance Bill 2015 will become Finance Act 2015 once signed by President of India after approval of both the houses (Lok Sabha & Rajya Sabha)
So Service Tax of 12.36% will be continued till the date Finance bill 2015 become Finance Act 2015 or the effected date notified by the govt of India. (www.casansaar.com)
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Category : Service Tax |
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