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TMI BlogEffective Rates of Service tax after Swachh Bharat CessX X X X Extracts X X X X X X X X Extracts X X X X ..... Effective Rates of Service tax after Swachh Bharat Cess X X X X Extracts X X X X X X X X Extracts X X X X ..... 11-2015 onwards 14% Nil Nil 0.5% Compound rates of service tax Nature of Service Compound Rate Till 31-5-2015 Compound Rates from 1-6-2015 to 14-11-2015 From 15-11-2015 onwards Reference 1 2 3 4 5 Booking of tickets for Air Travel Provided by air travel agents * 0.6% on the basic fare in case of domestic booking. * 1.2% on the basic fare in case of international booking. * 0.7% on the basic fare in case of domestic booking. 1.4% on the basic fare in case of international booking. Same as coloumn 3 + Swachh Bharat Cess Swachh Bharat cess = (service tax liability)*0.5/14 Rule 6(7) of Service Tax Rules,1994. Insurer carrying on life insurance business * On the gross premium charged from the policyholder reduced by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the amount allocated for investment ans savings on behalf of policyholder. * In all other cases, 3% of the premium charged in the first year and 1.5% of premium charged in subsequent year. * On the gross premium charged from the policyholder reduced by the amount allocated for investment ans savings on behalf of policyholder. In all other cases, 3.5% of the premium charged in the first year and 1.75% of premium charged in subsequent year Same as coloumn 3 + Swachh Bharat Cess Swachh Bharat cess = (service tax liability)*0.5/14 Rule 6(7A) of Service Tax Rules,1994 Purchase or sale of foreign currency including money changing * 0.12% of gross amount of currency exchanged for an amount up to ₹ 1 lac subject to minimum amount ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of ₹ 30. * ₹ 120 and 0.06% of the gross amount of currency exchanged for an amount exceeding ₹ 1 lac and up to ₹ 10 lacs. * ₹ 660 and 0.012% of gross amount of currency exchanged for an amount exceeding ₹ 10 lacs but subject to maximum amount of ₹ 6000. * 0.14% of gross amount of currency exchanged for an amount up to ₹ 1 lac subject to minimum amount of ₹ 35. ₹ 140 and 0.07% of the gross amount of currency exchanged for an amount exceeding ₹ 1 lac and up to ₹ 10 lacs. ₹ 770 and 0.014% of gross amount of currency exchanged for an amount exceeding ₹ 10 lacs but subject to maximum amount of ₹ 7000. Same as coloumn 3 + Swachh Bharat Cess Swac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hh Bharat cess = (service tax liability)*0.5/14 Rule 6(7B) of Service Tax Rules,1994 Distributors and selling agents or persons assisting in organizing lottery * ₹ 7000 on every ₹ 10 lacs (or part of 10 lacs) of aggregate face value of lottery provided, where guaranteed price pay out is more than 80% * ₹ 11000 on every ₹ 10 lacs (or part of ₹ 10 lacs) of lottery provided, where guaranteed price payout is less than 80% * ₹ 8200 on every ₹ 10 lacs (or part of 10 lacs) of aggregate face value of lottery provided, where guaranteed price pay out is more than 80% ₹ 12800 on every ₹ 10 lacs (or part of ₹ 10 lacs) of lottery provided, where guaranteed price payout is less than 80 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... % Same as coloumn 3 + Swachh Bharat Cess Swachh Bharat cess = (service tax liability)*0.5/14 Rule 6(7C) of Service Tax Rules,1994 Education Cess and Secondary & Higher Secondary Education Cess Charged separately Cess has been abolished. Effective Rates after Abatement (Including Cess) Nature of Service Compound Rate Till 31-5-2015 Compound Rates from 1-6-2015 to 14-11-2015 From 15-11-2015 onwards Reference Works Contract Option I Gross Amount - Value of goods Option II (a) 40% in case of Original Works (b) 70% in remaining cases 12.36% 4.944% 8.652% 14% 5.60% 9.80% 14.50% 5.80% 10.15% Rule 2A of Service Tax (Determination of Value) Rules, 2006 Restaurant Services 4.944% 5.60% 5.80% Rule 2C of Service Tax (De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... termination of Value) Rules, 2006 Outdoor Catering 7.416% 8.40% 8.70% Rule 2C of Service Tax (Determination of Value) Rules, 2006 Financial Leasing and Hire Purchase 1.236% 1.40% 1.45% Notification No 26/2012, Sl. No 1 Transport of goods by rail 3.708% 4.20% 4.35% Notification No 26/2012, Sl. No 2 Transport of passengers by rail 3.708% 4.20% 4.35% Notification No 26/2012, Sl. No 3 GTA 3.708% 4.20% 4.35% Notification No 26/2012, Sl. No 7 Bundled Services (Food + Rent, etc) 8.652% 9.80% 10.15% Notification No 26/2012, Sl. No 4 Transport of passengers by air Economy class Other class 4.944% 7.416% 5.60% 8.40% 5.80% 8.70% Notification No 26/2012, Sl. No 5 Room Rent 7.416% 8.40% 8.70% Notification No ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 26/2012, Sl. No 6 Renting of Motor Cab 4.944% 5.60% 5.80% Notification No 26/2012, Sl. No 9 Transport of passengers by a contract carriage other than motor cab and by a radio taxi 4.944% 5.60% 5.80% Notification No 26/2012, Sl. No 9 Transport of goods in a vessel 3.708% 4.20% 4.35% Notification No 26/2012, Sl. No 10 Tour Operator Services (a) Package Tour (b) Booking Accomodation (c) Other than above 3.09% 1.236% 4.944% 3.50% 1.40% 5.60% 3.625% 1.45% 5.80% Notification No 26/2012, Sl. No 11 Construction of complex (a) Residential complex of area less than 2000 sq ft and amount charged is less than ₹ 1 Crores. (b) Other complexes 3.09% 3.708% 3.50% 4.20% 3.625% 4.35% Notification No 26/2012, Sl. N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o 12
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Reply By Ganeshan Kalyani as =
Very useful and nicely compiled article.
Dated: 12-12-2015
Reply By CA Akash Phophalia as =
Thank You sir
Dated: 12-12-2015 X X X X Extracts X X X X X X X X Extracts X X X X
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