Showing posts with label Budget 2015. Show all posts
Showing posts with label Budget 2015. Show all posts

Wednesday, April 1, 2015

Service Tax Rate will remain 12.36%

As we all are aware that in the Budget 2015, Finance Minister Shri Arun Jaitely Ji have announced the increase in rate of Service Tax from 12.36% to 14%. There is news all around that from 1st April all the Services will become costly. But in reality nothing will be costly now but after enactment of Finance Bill, 2015.

Yes, you read it correct. There will be no hike in rate of Service Tax from Today but it will be increased only after enactment of Service Tax Act. In this regard relevant portion of D.O.F. No.334/5/2015-TRU dated 28th February 2015 is produced below:

“3.3 The 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”.