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CA Intermediate | CA IPCC and Final Summary on Service Tax

CA Intermediate | CA IPCC and Final Summary on Service Tax

CA Intermediate | CA IPCC and Final Summary on Service Tax – This file contains the summary of service tax- Tax-ability, Negative list & Exemptions relevant for May/November 2016 Exams. These file is prepared by “Vinesh R Savla” .

CA Intermediate | CA IPCC and Final Summary on Service Tax

CA Intermediate | CA IPCC and Final Summary on Service Tax

Scroll down and download CA Intermediate | CA IPCC and Final Summary on Service Tax

Budget 2016: Service tax proposed to be increased from 14.5% to 15%

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. 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%.

Service tax is a tax levied by the government on service providers on certain service transactions, but is actually borne by the customers. It is categorized under Indirect Tax and came into existence under the Finance Act, 1994.

The Krishi Kalyan Cess shall be in addition to any cess or service tax leviable on such taxable services under Chapter V of the Finance Act, 1994, or under any other law for the time being in force.

The proceeds of the Krishi Kalyan Cess shall first be credited to the Consolidated Fund of India and the Central Government may, after due appropriation made by Parliament by law in this behalf, utilise such sums of money of the Krishi Kalyan Cess for such specified purposes.

download CA Intermediate | CA IPCC and Final Summary on Service Tax

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CA Intermediate | CA IPCC and Final Summary on Service Tax

CA Intermediate | CA IPCC and Final Summary on Service Tax

CA Intermediate | CA IPCC and Final Summary on Service Tax

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