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Analysis of Service tax rate increase from 12.36 to 14 (Subsuming EC and SHEC) effective from 01.06.2015

Service Tax - By: - CA. Chitresh Gupta - Dated:- 20-5-2015 - After the Hon ble President has given assent to the Finance Bill, 2015 on May 14, 2015, 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% (Subsuming Education Cess and Secondary & Higher Secondary Education Cess) to be effective from June 1, 2015. Service Tax Rate Earlier 12.36% .....

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be revised proportionately. The new rates are summarized in the table below: Service Old Rate New Rate Air Travel Agent Domestic booking 0.6 per cent 0.7 per cent International booking 1.2 per cent 1.4 per cent Life insurance First year premium 3 per cent 3.5 per cent Subsequent year premium .....

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lion INR 660 and 0.012 per cent subject to maximum of INR 6,000 INR 770 and 0.014 per cent subject to maximum of INR 7,000 Lottery Where guaranteed prize payout is more than 80 per cent INR 7,000 INR 8,200 Where guaranteed prize payout is less than 80 per cent INR 11,000 INR 12,800 POINT OF TAXATION WHEN THERE IS CHANGE IN EFFECTIVE RATE OF TAX Point of taxation involving .....

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AFTER the change in effective rate of tax AFTER the change in effective rate of tax Date of issuance of invoice or Date of receipt of payment, whichever is earlier New Rate 2. BEFORE the change in effective rate of tax AFTER the change in effective rate of tax Date of issuance of invoice Old Rate 3. AFTER the change in effective rate of tax BEFORE the chan .....

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