What is the service tax rate in India in 2019?
Presently, all services including declared services, other than those specified in the negative list, or otherwise exempted, provided or agreed to be provided in the taxable territory i.e. (India except the state of Jammu and Kashmir) are subjected to service tax at the rate of 14%.
What is the current rate of service tax in India in 2020?
15%
The rate of Service Tax was 15% whereas the rate of GST is 18%. A lot of people are of the opinion that the effective cost of having a loan would increase as the rate of GST is 3% higher than the rate of Service Tax. Several people are of the opinion that their EMI’s would increase as the rate has been increased by 3%.
What is the slab of service tax?
From the 1st of June 2016, service tax is levied at 15% of the value of taxable services under Section 66 of the Service Tax Act. The 15% includes 0.5% Krishi Kalyan Cess and 0.5% Swach Bharat Cess.
When did service tax go up to 14.5%?
During the Budget 2015, the FM had increased the Service Tax Rate from 12.36% to 14%. This new rate 14% was applicable from 1st June 2015. Moreover from 15th Nov 2015, Swachh Bharat Cess @ 0.5% also got applicable. Therefore the effective rate of Service Tax is currently at 14.5% with effect from 15th Nov 2015.
Which is the new service tax rate in 2016?
Budget 2016 has proposed to impose a Cess, called the Krishi Kalyan Cess, @ 0.5% on all taxable services. The new effective service tax could henceforth be 15%. While presenting the Budget 2015, the FM had increased the Service Tax Rate from 12.36% to 14%. This new rate of Service Tax @ 14% was applicable from 1st June 2015.
Which is the effective rate of service tax in India?
Moreover from 15th Nov 2015, Swachh Bharat Cess @ 0.5% also got applicable. Therefore the effective rate of Service Tax is currently at 14.5% with effect from 15th Nov 2015. It seems, the rate is slowly being increased to bring service tax closer to the expected goods and services tax (GST) rate of 17-18%.
What was the rate of service tax in the 2015 budget?
The new effective service tax could henceforth be 15%. While presenting the Budget 2015, the FM had increased the Service Tax Rate from 12.36% to 14%. This new rate of Service Tax @ 14% was applicable from 1st June 2015.