What is the effective service tax rate?
The Ministry of Finance increased the Service Tax rate in May 2015, and it was effective from June 2015. The service tax rate was increased from 12.36% to 14% and the new rate subsumed a couple of cesses in the process. Note: Service Tax has been replaced by the Goods and Services Tax (GST) starting 1 July 2017.
What is the date of service tax?
Service Tax Return Due Date Service tax returns are due on 25th of April and 25th of October, each year. IndiaFilings can help you file Service Tax Return.
What is service tax and how it is charged?
Definition: Service tax is a tax levied by the government on service providers on certain service transactions, but is actually borne by the customers. were also included in the list of services. It is charged to the individual service providers on cash basis, and to companies on accrual basis.
What was the service tax rate in 2015 16?
What is the Rate of Service Tax for 2015-16 and 2016-17
| Period | Rate of Service Tax |
|---|---|
| Till 31 May 2015 | 12.36% |
| From 1 June 2015 to 14 Nov 2015 | 14% |
| From 15 November 2015 to 31 May 2016 | 14.5% |
| From 1 June 2016 | 15% |
What is the rate of service tax 2016?
Calculation 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.
What is the rate of interest on late payment of service tax?
(B) Rates of Interest:
| Period | Rate of Interest |
|---|---|
| 01-4-2016 onwards | 15% p.a. |
| Note 1: For the tax payers with value of taxable service less than 60 lakh rupees in PFY, interest rate for delayed payment will be @12% | |
| Penal Rate in case of tax collected but not deposited to exchequer: | |
| 24% p.a. |
What is the rate of service tax 2016 17?
15%
Krishi Kalyan Cess, which was announced during the 2016–17 Budget, has become applicable from 1 June. A tax of 0.5% would be levied over and above the Service Tax and Swachh Bharat Cess. Till 31 May 2016, the Service Tax rate was 14.5%. With Krishi Kalyan cess, the service tax would increase to 15%.
Is the rate of service tax going up in 2015?
Finance Bill, 2015 has proposed increase in rate of Service Tax from 12.36% to 14%. News reports are being broadcasted and published stating that the rate has been increased from 01 st April 2015, are incorrect. These reports have caused wide spread confusion amongst all.
What was the tax rate in June 2015?
Normal Service tax rate with effect from 1 st June 2015 is 14%. However applicable rate is different for many services which may be subject to fulfillment of some conditions.
What happens in case of change in service tax rate?
Based on the above table prepared in accordance with Rule 4 of Point of Taxation Rules, a service tax assessee may discharge their service tax liability in case of the change in rate of service tax. Further, we would also refresh the changes which were announced with the Budget but are effective from 01st April 2015