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Should I prepare Invoice from 1st of April on basis of 14% service Tax or 12.36% tax. As per the new budget it is heard that the rate of Service Tax is going to be changed but have not got any circular . so please help me regarding this matter
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The rate change is not yet effective. The finance bill has to be passed and then a date will be notified for the change in tax rate. Currently you may continue using the same rate of 12.36%.
The new rate of service tax is not effective from April 1.
The date of applicability of new rate shall be informed after the passing of the Finance Bill by the Parliament.
As of now, the rate if Service tax is 12.36% only.
Relevant portion of D.O.F. No. 334/5/2015-TRU dated 28th February, 2015 is produced below:
“ 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.”
Dear all
According to Gazette notification no 7/2015 dtd.1st March 2015,it is made clear that in few type of services clint shall pay 100% of service charge.Contractors and Service providers shall not be held liable for this purpose.this ammendment is effective from 1st of April 15
Please visit our free taxation blog which could help you on New rate of Service Tax @14%
visit:New Service Tax Rate effective from 01-06-2015 | TaxIndiaUpdates
CA Jitendra Panwar
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