New Rate of Service Tax @14% not effected from 01.03.2015-Clarification

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..... New Rate of Service Tax @14% not effected from 01.03.2015-Clarification - By: - PAWAN KUMAR - Service Tax - Dated:- 11-5-2015 - - New Rate of Service Tax @14% not effected from 01.03.2015 - Clarification The finance minister was proposed the new rate of service tax @14% in place of current rate of service tax @12.36% on taxable services in the parliament at the time of presenting the Uni .....

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..... on Budget for the year 2015-16 on 28.02.2015. Some changes were also proposed which effected from 01.03.2015. Some other changes were effected from 01.04.2015. Apart from all the changes/amendments, one major proposal for change in rate of service tax to the tune of 14% in place of present rate of service tax 12.36% is not effected yet. It has been seen in various instances that some taxpaye .....

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..... rs has started charging service tax 14% on their bill/invoice from 01.03.2015, this is wrong. The rate of service tax has not effected. This new rate is to be effected from the date to be notified by the CBEC after enactment of Finance Bill 2015. In this regard, the CBEC has also clarified vide issuing the circular No. 183 / 02 / 2015-ST Dated 10.04.2015 . Some relevant para of the subject c .....

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..... ircular is reproduced below: 3.3 The new 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. As new rate of service tax has not applicable, service tax would not be charged @14% on the bills/invoices. The present rate of service tax is 12.36% and it would be charged. - - Scholarly articles .....

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..... for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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