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TAGS: Service Tax, Rates, Faq
The Current rate of service tax in India is 14.50% (education and secondary higher education cess sub merged into basic rate). However this rate will be increased from 1st June, 2016 by 0.50% on account of Krishi Kalyan Cess.
The new rate applicable from 1st June, 2016 will be 15% (including all cess).
History of Service tax rate
It was the journey of service tax rate which took it from 10% to15% by various finance act from time to time. We describe you the gradual increase from time to time through the table:
Particulars |
Finance Act |
Rate of Service tax |
Remarks |
Rate before 2012 |
- |
10.30% |
10% rate + .30% education and higher education cess |
Rate After 2012 |
Amended by Finance Act, 2012 |
12.36% |
12% rate + .36% education and higher education cess |
Rate from 2015 |
Amended by Finance Act, 2015 |
14% |
Education and higher cess was sub merged into 14% |
From 15th November, 2015 |
Swachh Bharat Cess of 0.50% introduced |
14.50% |
14% plus swachh Bharat Cess |
From 1st June, 2016 |
Amended by Finance Act, 2016 |
15.00% |
0.50% of Krishi kalyan cess introduced. |
Some of the important points relating to rate of service tax may be very useful:
Conclusion:
The rates of service tax are clearly mentioned. Hence, if you have any doubt, you can contact us immediately by Contacting us.
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TAGS: Service Tax, Rates, Faq
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