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Date of Increase in the Service tax Rate

Mkk (55 Points)

10 May 2007

With effect from which date the Service tax rate to be increase from 10.20% to 12.24%

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5 Replies

Tony Mp (94 Points)
Replied 10 May 2007

The incresed rate of 12.24% applicable From the date of enactment of Finance bill, 2006. That means the date on which the President of India approves the Bill after passing the Bill by Lok sabha and Rajya Sabha.

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Nravindranath (13 Points)
Replied 10 May 2007

The new rate is supposed to come into force from the date on which the presidential assent is given to the finance bill. But surprisingly the market is flooded with income tax acts and reckoners on 23rd and 24th of March 2006 itself. The banks started charging the service tax at new rates from 2nd April 2006. The Central Excise department did not come out with any notification about the effective date of new rate of service tax. It is al chaotic right now

d.john bosco (excise officer) (35 Points)
Replied 12 June 2007

Due to confusion somebody charged it on the date of budget and someothers charged it from the 1st of april.Actually it is i applicable from the date of enactment of finance bill 2006 i.e from april 18 th, 2006.