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TMI Blogservice tax after budget 2015X X X X Extracts X X X X X X X X Extracts X X X X ..... service tax after budget 2015 X X X X Extracts X X X X X X X X Extracts X X X X ..... amanian: The Reply: As per clause 106 of Finance Bill 2015, the amendment proposed in Section 66 B of Finance Act, 1994 with regard to increase in service tax rate from 12% to 14% is effective from such date as the Central Government may, by Notification in the official gazette appoint. Hence it is very clear that after enactment of Finance Bill 2015, the central government will issue notificatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n specifying the date of effect of above amendment which you please note. Regards, K.G Subramanian Reply By MUKUND THAKKAR: The Reply: central government will issue notification specifying the date of effect of above amendment. Reply By MARIAPPAN GOVINDARAJAN: The Reply: The Finance Bill will become an Act once the President gives his assent. Mostly the service tax in revised will be implem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ented from the date of the Bill becoming an Act. Reply By Rajagopalan Ranganathan: The Reply: Sir, As per para 3 of D.O.F. No. 334/5/2015-TRU dated28.2.2015, 3.1 The rate of Service Tax is being increased from 12% plus Education Cesses to 14%. The 'Education Cess' and 'Secondary and Higher Education Cess' shall be subsumed in the revised rate of Service Tax. Thus, the effective increase in Ser ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vice Tax rate will be from the existing rate of 12.36% (inclusive of cesses) to 14%, subsuming the cesses. 3.2 In this context, an amendment is being made in section 66B of the Finance Act, 1994. Further, it has been provided vide clauses 179 and 187 respectively of the Finance Bill, 2015 thatsections 95 of the Finance Act, 2004 and 140 of the Finance Act, 2007, levying Education Cess and Seconda ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry and Higher Education Cess on taxable services shall cease to have effect from a date to be notified by the Government. 3.3 The new Service Tax rate shall come into effect from a date to be notified by the Central Government after the enactment of the Finance Bill, 2015. 3.4 Till the time the revised rate comes into effect, the 'Education Cess' and 'Secondary and Higher Education Cess' will co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntinue to be levied in Service Tax.
I feel this is self explanatory. X X X X Extracts X X X X X X X X Extracts X X X X
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