Service Tax at 14% from 1.6.2015. Education Cess Goes; Swachh Bharat Cess Does not come-yet
THE Finance Act 2015 was notified on 14th May 2015 and the consequential effects are here. The Joint Secretary, TRU has issued a D.O Letter clarifying the changes. TRU D.O.F.No.334/5/2015-TRU., Dated : May 19 2015
Service Tax rate increased to 14% from 1 st June 2015 |
No Education Cess on Service Tax from 1.6.2015 |
Service Tax will be levied on contract manufacturing/job work for production of potable liquor |
While lottery per se is not subject to service tax, services in relation to lottery will be taxable. |
Section 117 of the Finance Act proposes a Swachh Bharat Cess on all or any of the taxable services at a rate of 2% or lower. The date for this is not yet notified. |
ST Penal provisions aligned with Central Excise - already effective from 14.05.2015 |