The Central Board of Excise and Customs had issued detailed guidelines in 2009 to its field formations on conducting detailed manual scrutiny of service tax returns. In view of the legal changes brought about by the Negative List based taxation…
Category: Service Tax
New Effective Rate of Service Tax on Various Services after Abatement from 01.06.2015
After increment of Service Tax from 12.36% to 14% from 01.06.2015 the New Effective Rate of Service tax on various services after abatement are as follows: Sr. No. Taxable Service Old Effective Rate New Effective rate 1 Financial leasing including hire purchase…
Service Tax Abatement Rate Chart updated till 01.06.2015
Service Tax Abatement rate chart updated till 01.06.2015. Sl.No. Description of taxable service Abatement % Taxable Value % Conditions 1 Services in relation to financial leasing including hire purchase (Refer Note‑1) 90 10 Nil. Share on: whatsapp
Service Tax Negative List as on 01.06.2015
Finance Act, 2012 introduced the Concept of Negative list of Services according to which all services except the those specified in Negative list are liable for Service Tax. First Notification in the regards was issued in 20.06.2012. Thereafter no of…
Swachh Bharat cess on services to be notified later: FM
The Swachh Bharat 2% cess on various services will be notified at a later date although the higher rate of 14% Service Tax will take effect from June 1, theFinance Ministry said today. “…the date of giving effect to the provisions…
Benefits of Service Providers under Foreign Trade Policy, 2015–2020
the Central Government has notified the Foreign Trade Policy, 2015–2020 applicable w.e.f. 01.04.2015. Service Providers can avail following benefits under new policy: Service Provider of notified services shall be rewarded with Duty credit scrip @3% or 5% of net free…
Services provided under the Power System Development Fund Scheme of the Ministry of Power exempt from Service Tax
NOTIFICATION No 17/2015-ST, Dated: May 19, 2015 G.S.R. (E). – In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the…
Applicability of Swacch Bharat cess & Other Cess on Service Tax
Swacch Bharat Cess @ 2% which is proposed to levy on Service Tax in Finance Act 2015 has not yet been Declared. Therefore the Swacch Bharat Cess will not be applicable i=on Service Tax from 1st June, 2015 ti its…
Changes applicable w.e.f. 1st June, 2015 in Service Tax
Following changes shall be applicable w.e.f. June 1, 2015 This new rate of 14% shall be applicable from June 1, 2015. Education Cess and Secondary & Higher Education Cess shall not be levied on taxable services w.e.f. June 1, 2015. Government issued…
Service tax rate would be 14% to come into effect from June 1, 2015
The new service tax rate of 14 per cent will come into effect from June 1, government on Tuesday said, in a move that will make eating out in restaurants, insurance and phone bills expensive, among many other things. Share…