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service tax rate 14% comes into effect

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

what date the service tax rate 14% comes into effect because same as the Hon'ble president has given assent?

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8 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

The answer to your question " what date the service tax rate 14% comes into effect " : The Ministry of Finance, Department of Revenue vide Notification No. 14/2015-ST dated May 19, 2015 has notified increase in the rate of Service tax from 12.36% to flat 14% (Including Education Cess and Secondary & Higher Secondary Education Cess) to be effective from June 1, 2015. Therefore New service tax rate of 14% to come into effect from June 1 The simple method for POT ( POINT OF TAXATION ) Rules for change in rate as per Rule 4: There are three parameters- 1. Completion of Service 2. Payment received 3. Invoice raised. If any two parameters are before 1.6.2015 then old rate. If any two on or after 1.6.2015 then new rate.

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Open uri20170510 32134 1tg2yib?1494421742 answered

Hi, The new service tax rate will be applicable from 1 JUNE 2015. And note that Point of taxation will determine the service tax rate.point of taxation will depend upon either invoice or completion or payment. 1).if two of them took place before 1.06.2015 than old rate of 12.36% will be applicable 2).if any two of them took place after 1.06.2015 than new rate of 14% will be applicable. also note that 14% is inclusive of education cess and shec. thus it need not be added further. also a swatch bharat cess of 2% is going to be applicable soon than the rate of service tax will become 16%.

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Open uri20170510 32134 ng4pv?1494421709 answered

The answer to your question " what date the service tax rate 14% comes into effect " : The Ministry of Finance, Department of Revenue vide Notification No. 14/2015-ST dated May 19, 2015 has notified increase in the rate of Service tax from 12.36% to flat 14% (Including Education Cess and Secondary & Higher Secondary Education Cess) to be effective from June 1, 2015. **Therefore New service tax rate of 14% to come into effect from June 1** **The simple method for POT ( POINT OF TAXATION ) Rules for change in rate as per Rule 4:** There are three parameters- 1. Completion of Service 2. Payment received 3. Invoice raised. If any two parameters are before 1.6.2015 then old rate. If any two on or after 1.6.2015 then new rate. **The new service tax rate of 14 per cent will come into effect from June 1**, the Finance Ministry notified on Tuesday, in a move that will make eating out in restaurants, insurance and phone usage expensive, among many other things.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Hi, The new service tax rate of 14 per cent will come into effect from 1 June, government today said, in a move that will make eating out in restaurants, insurance and phone bills expensive, among many other things. How change in Service Tax rate should be tackled. 1. Service Provision is complete till 31.05.2015 and Invoice raised till 31.05.2015 but Payment received on or after 01.06.2015- 12.36% applicable. 2. Service complete till 31.05.2015, Invoice raised on or after 01.06.2015 but Payment is received till 31.05.2015 - 12.36% 3. Service Provision complete till 31.05.2015 and Invoice raised on or after 01.06.2015 and Payment also received after 01.06.2015- 14% 4. Invoice raised till 31.05.2015 in advance and some part of total consideration has been paid till 31.05.2015 but Service Provision is being done on or after 01.06.2015 -12.36% for such part payment, 14% for balance to be recd. 5. Entire consideration received till 31.05.2015 but no invoice raised till 31.05.2015 and no service provided -14% 6. Even if entire service has been provided on or after 01.06.2015 but both payment as well as invoicing has been done till 31.05.2015 then -12.36%

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

As per Notification No. 14/2015-ST dated May 19, 2015 of Ministry of Finance, Department of Revenue, Service Tax rate 14% (inclusive of Education Cess and Secondary & Higher Secondary Education Cess) will be effective from 1st June 2015.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Please note that today the Government of India, Ministry of Finance notified the date from which new rate of service tax 14% (without education cess, no more education cess) to be effective. The effective date shall be 01.06.2015.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Hello there In Budget there are some amendments which are applicable from vary next date , some amendments are there which are applicable from particular date ( specified in budget) , and some amendments are applicable after getting final accent . In this budget it was declared that Service tax is now charged at 14% but date wasn't notified so till that time it can be charged at 12.36% only . (Recently it is declared that from 1st June the rate is going to be 14%.)

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Hi The service tax rate of 14% will be applicable once central government notifies it in budget after enactment of finance bill 2015. till time new date is notified, service tax rate is 12.36%.

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