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TMI BlogRATES OF SERVICE TAX AT GLANCEX X X X Extracts X X X X X X X X Extracts X X X X ..... RATES OF SERVICE TAX AT GLANCE - By: - CA Akash Phophalia - Service Tax - Dated:- 16-2-2015 - - SERVICE TAX RATES Sr. No. Period Rate of Service Tax Rate of Education Cess Rate of Secondary and Higher Secondary Education Cess 1. 1-7-1994 to 13-5-2003 5% ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Nil Nil 2. 14-5-2003 to 9-9-2004 8% Nil Nil 3. 10-9-2004 to 17-4-2006 10% 2% of S.T. Nil 4. 18-4-2006 to 31-5-2007 12% 2% of S.T. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Nil 5. 1-6-2007 to 23-2-2009 12% 2% of S.T. 1% of S.T. 6. 24-2-2009 to 31-3-2012 10% 2% of S.T. 1% of S.T. 7. 1-4-2012 till date 12% 2% of S.T. 1% ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of S.T. COMPOUND RATES UNDER SERVICE TAX RULES - Rule 6 of the Service Tax Rules, 1994 provides optional compound Rate of Service Tax. Nature of service Compound Rate of Service Tax Booking of tickets for Air Travel provided by Air Travel Agents 0.6% on the basic fare in case of domestic booking. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1.2% on the basic fare in case of international booking. Insurer carrying on life insurance business On the gross premium charged from the Policyholder reduced by the amount allocated for investment and savings on behalf of the Policyholder. In all other cases, 3% of the premium charged in the first year and 1.5% of premium charged in s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubsequent years. Purchase or sale of foreign currency including money changing 0.12% of the gross amount of currency exchanged for an amount up to 1 lac subject to maximum amount of 30/-. 120/- and 0.06% of the gross amount of currency exchanged for an amount exceeding 1 lac and up to 10 lacs. 660/- and 0.012% of the gross amount of curr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ency exchanged for an amount exceeding 10 lacs but subject to maximum amount of 6,000/-. Distributors and selling agents or persons assisting in organizing lottery 7,000/- on every 10 lacs (or part of 10 lacs) of aggregate face value of lottery provided, lottery or lottery scheme is one where guaranteed price pay- out is more than 80%. 11,000/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - on every 10 lacs (or part of 10 lacs) of aggregate face value of lottery provided, lottery or lottery scheme is one where guaranteed price pay-out is less than 80% The Education Cess and SHEC are payable in addition to the above rates or amount of Service Tax. The above rates are optional and the Service Tax assessee can pay the tax at the prescribed rate under Sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 66B of the Finance Act, 1994 If there is any change in rate of service tax then the same is effected prospectively and not retrospectively. CA Akash Phophalia 9799569294 [email protected] Office No 3 Second Floor Amrit Kalash Residency Road Near Bombay Motor Circle Jodhpur-342001 Rajasthan - - Scholarly articles for knowledge sharing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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