Following changes in Service Tax would be applicable from the date notified after Finance bill receives assent of resident:
1) Rate of Service Tax increased from 12.36% to 14%: The proposed revision of the rate of Service Tax from 12.36% (inclusive of Education Cesses) to 14% (subsuming Education Cesses) will be applicable from the date to be notified after the Finance Bill, 2015 receives the assent of the president. Therefore from 1st, April, 2015 service tax would be charged as 12.36% only.
2) Entry to amusement park/ entertainment events which was earlier exempted under negative list of services now brought under the ambit of service tax. However, exemption is still applicable to entertainment events in case the entry charge does not exceed Rs. 500.
3) Job Work for production of alcoholic liquor is now taxable: