Is there a service tax abatement for 2015?
By Union Budget 2015 and Notification No. 8/2015-ST, Dated: March 01, 2015 following amendment been made to Abatement Provisions wef 01.04.2015- Service Tax Rate Abatement Chart as Applicable from 01.04.2015 updated with Changes Made Vide Budget 2015 and Notification No. 8/2015-ST, Dated: March 01, 2015.
Which is the new tax rate for 2015-16?
SERVICE TAX RATE CHART FOR FY 2015-16 WITH NEW SERVICE TAX RATE 14%: Note : from 15/11/2015 Govt has introduced 0.5 % Swachh Bharat Cess – The effect of same is not given in the below details/chart. For New Service Tax Chart New Service Tax Chart 14.5 %
When does the effective service tax rate change?
Due to changes in abatement rate the change in rate of Effective Service tax will take place from 01.04.2015, issues may build up in respect of the ongoing transactions for which certain advance payment is received prior to 01.04.2015, 2015 but the completion of provision of service may take place post facto thereof.
What is the tax abatement for air travel?
Transport of passengers by Air – Hitherto, an abatement of 60% was provided on taxable services of transport of passengers by air (with or without accompanied belongings). The said abatement continues for economy class travel and in case of other than economy class the abatement has been reduced to 40%.
When did service tax go up to 15%?
Service tax rate increased from 14.5% to 15% (increase by way of levying Krishi Kalyan Cess at 0.5% ). The Said change will be effective from 1st June, 2016. Service Tax Basic Rate -14 %. Swachh Bharat Cess – 0.5 % w.e.f. from 15/11/2015.
When is the increase in service tax in India?
Comparative Service Tax Chart with Service Tax Rate of 14 % ,14.5 % and 15% Service tax rate increased from 14.5% to 15% (increase by way of levying Krishi Kalyan Cess at 0.5% ). The Said change will be effective from 1st June, 2016.
What are the new changes to service tax?
In renting of motor vehicle, where service provider does not take abatement the portion of service tax payable by the service provider and the service receiver has been changed from 60% : 40% to 50% each. It is proposed to introduce online and mobile advertising into taxability.