« Top Headlines » Open DEMAT Account in 24 hrs  New Income Tax Act: ITR forms to be issued prior to FY28, says govt  GSTR-9C Explained: Turnover Limit, Due Date, Statement Format & How to Prepare It in Tally Prime (2025 Update)  Will Income Tax Department release new ITR forms by January 2026? Finance Ministry says this  The Government of India has strengthened MSME protection through strict payment rules, ensuring that Micro & Small Enterprises receive timely payments from buyers. Under the MSME Development Act (MSMED Act), 2006, buyers must make payments within:  ITR Refund Delays in India: Why They Happen & How to FastTrack Your Refund in 2025  ITR Refund Delay: From Bank Errors To Department Checks, 5 Big Reasons Your Refund Gets Stuck  Income Tax Slabs 2025: New Vs Old Regime; Which One Is Better For You For FY2025-26?  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups «  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.