Today Central Government has issued most awaited notification for change in effective rate of Service Tax from 12.36% to 14%. New rates will be applicable from 1st June, 2015 (Notification No. 14/2015-ST dated 19th May, 2015). Corresponding changes in Rules 6 of Service Tax Rules, 1994 for increase in rate of Service Tax for:
- Air Travel Agent,
- Life Insurance Business,
- Foreign Exchange Brokers and
- Distributor & Selling Agent of Lottery
will also be applicable w.e.f. 1st June, 2015 (Notification No. 15/2015-ST).
In addition following changes will be applicable w.e.f. 1st June, 2015:
- Service Tax on amusement facilities and Entertainment Events however exemption is available in respect of following services by way of right to admission to,-
- exhibition of cinematographic film, circus, dance, or theatrical performance including drama or ballet;
- recognised sporting event;
- award function, concert, pageant, musical performance or any sporting event other than a recognised sporting event, where the consideration for admission is not more than Rs. 500 per person.”
- Service Tax on Liquor Job Work;
Date of applicability of following provisions is yet to be notified:
- Expansion of scope of services provided by Government and Local Authority; and
- Applicability of ‘Swachh Bharat Cess’
To Download the Notification CLICK HERE
Tags: Service tax Rate of 14% will be effective from 1st june 2015
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