27 August 2012
As per section 66, rate of service tax is 12% of the value of taxable services. However, in February 2009, the rate of service tax was reduced to 10% vide Notification No.8/2009 ST dated 24.02.2009.
With effect from 01.04.2012, Notification No. 02/2012-ST dated 17.03.2012 rescinded the said notification and resultantly, the rate of service tax has again been restored to 12%.
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