« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  Tax waiver for 'Bed and Breakfast' houses... Service tax waiver likely for eco tourism... » Service tax rate may be raised to 14% January, 05th 2007 There is indication that the service tax rate may be increased from 12 per cent to possibly 14 per cent in the forthcoming Budget. Besides, 44 new items like lending services, sports and amusement parks are set to be brought under the service tax net.    At present, the service tax rate stands at 12 per cent. Added to this is a 2 per cent education cess, bringing the incidence to 12.24 per cent.    The move is a part of the compensation package agreed upon by the union and state governments for phasing out the Central Sales Tax (CST) levied on inter-state trade. This is being seen as a precursor to a hike in the service tax rate.    CST is collected by the Centre and its proceeds transferred to state governments. The Union government collects and transfers 30.5 per cent of service tax proceeds to states.    This (the CST phase-out) is an indication that the service tax rate might go up. Last year, the finance ministry had said it would not raise the service tax rates. This year, there has been no indication till now that the rates will not be raised, said Ashok Dhingra, partner and head of indirect tax, Khaitan & Co.    Other services among the 44 new items that will attract service tax include health, hotel and lodging, electricity distribution, education, and artistic performances, including those by Bollywood stars.    Meanwhile, the Central Board of Excise and Customs today said domestic telecom operators providing services to international in-bound roamers will have to pay service tax from January 15. A decision is yet to be taken for the period prior to this date.    However, some segments, including industry chambers, which feel that the service tax rate will not be increased, want it to be reduced for select items of mass consumption.    The move towards phase-out of CST is seen as part of a strategy to eliminate multiple taxes and move towards a common tax the proposed goods and service tax (GST).    According to a tentative package agreed upon by the Centre and states, the tax collected on 77 services will be transferred fully to states.