Service tax on taxable portion in respect of transportation service by vessels - THE FINANCE (No. 2) BILL, 2014

Service tax on taxable portion in respect of transportation service by vessels:

         • Taxable portion in respect of transport of goods by vessel to be reduced from 50% to 40%. Effective service tax will decrease from the present 6.18% to 4.944%. This will come into force from 1st October 2014.