Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: cpt :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: VAT Audit :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: VAT RATES :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: ACCOUNTING STANDARDS :: TDS :: TAX RATES - GOODS TAXABLE @ 4%
« Service Tax »
 Do you know which 80C instruments can help you save tax and carry no future tax liability?
 E-way relief, for now, to e-commerce, courier firms sending small orders
 Where to invest for saving more on taxes
 A simpler GST can become a registry of all invoices, says iSPIRT’s Sharad Sharma
  Income Tax department may defend CPC in returns fraud case
 One GST rate not possible, next reform after compliance improves,
  Communication to the Central Excise/Service Tax Taxpayers on migration to GST
  GST Network simplifies returns filing process
 Why is the successful roll-out of the e-way bill necessary?
 How service tax became revenue lifeline for the Govt
 Three simple tricks to save income tax without investing fresh funds

Service tax hike to 14% becomes effective today
June, 01st 2015

People will have to shell out more from Monday while using mobiles, eating out and travelling as the service tax rate goes up to 14 percent.

Finance Minister Arun Jaitley in his Budget had proposed to raise service tax from 12.36 percent (including education cess) to 14 percent. The proposal takes effect from June 1.The tax is levied on all services, expect a small negative list.

Some of the key services that will attract higher tax and hence become costlier are: railways, airlines, banking, insurance, advertising, architecture, construction, credit cards, event management and tour operators.

Mobile operators and credit card companies have already started sending messages to subscribers conveying the increase in service tax rate which will have a bearing on the bills.

According to railway ministry officials, fares for First Class and AC classes in passenger trains, besides freight charges, will go up by 0.5 percent from June 1.

"Currently, 3.7 percent service tax is levied on train fares for AC Class, First Class and freight. This will go up to 4.2 percent from June which means the rise is only 0.5 percent," the official said. Currently, there is abatement of 70 percent on passenger services.

Jaitley had proposed to raise the service tax rate to 14 percent to facilitate a smooth transition to the Goods and Services Tax (GST) regime, which the government wants to roll out from April 2016.

Once implemented, GST will subsume service tax, excise and other local levies.

"To facilitate a smooth transition to levy of tax on services by both the Centre and the States, it is proposed to increase the present rate of service tax plus education cesses from 12.36 percent to a consolidated rate of 14 percent," Jaitley had said in Budget speech.

Education cess, which is levied on service tax, will be subsumed in the service tax rate with effect from June 1.

Although the Budget also proposed a 2 percent Swachh Bharat cess on selected services, the government is yet to come out with a notification in this regard.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions