hi, now service tax rate revised from 10% to 12%. it is applicable from which date. pls clarrify the same.............
13 Replies
Karthikeya2020
(Student)
(2030 Points)
Replied 28 March 2012
Hi..
It will appilcable from financial year 2012-13 (i.e., April 1st 2012).
Best Regards,
Karthikeya...
Suraj Singh Negi
(Accountant)
(26 Points)
Replied 28 March 2012
Hi I m Suraj, working as accounts exec.
My organisation has started new vertical of manpower supply busines.
I have query in relation to the payment date of service tax which we will charge from our clients on the services provided for the month of march. As we have to raise invoice on the basis of attendance of our perssonel, we caanot raise invoice bfore first working day of consecutive month i.e., april.
But according to service tax rule6 sub-rule(1),"Provided also that the service tax on the value of taxable services received during the month of March, or the quarter ending in March, as the case may be, shall be paid to the credit of the Central Government by the 31st day of March of the calendar year.]9"
Please advise, should we pay service tax on 31st march and what would be accounting treatment
Pratul
(FINANCE MANAGER)
(105 Points)
Replied 28 March 2012
@ suraj.. You have interpreted d clause n rules correctly. What u can do is deposit a lumpsum in ur PLA on an estimated calculation.. N later on while filing of return, adjust the money excess so paid..
dipesh mehta
(CA FINALIST)
(157 Points)
Replied 29 March 2012
Can anyone can forward me service tax rates from 2002.
Alok mukherjee
(B)
(248 Points)
Replied 29 March 2012
Pratul,
Could you pls explain me the funda of PLA? Is money deposited into the PLA by opening a PLA a/c with bank?
K CHANDRAKAR
(dy mgr accounts)
(49 Points)
Replied 29 March 2012
At present, the rate of Service Tax is 10%, payable on the "gross value of taxable service". In addition to this, Education Cess is payable at the rate of 3% on the Service Tax amount. (2% P.EC & 1% H.EC). The rate of tax may change during Annual Budget by a Finance Act.
History of rates:
| Sl. No. | Period | Rate of Tax | Rate of Education Cess |
|
1. |
1994 to 13.05.2003 |
5% |
Nil |
|
2. |
14.05.2003 to 09.09.2004 |
8% |
Nil |
|
3. |
10.09.2004 to 17.04.2006 |
10% |
2% of the S.T. |
|
4. |
18.04.2006 to 10.05.2007 |
12% |
2% of the S.T. |
|
5. |
11.05.2007 to 24.02.2009 |
12% |
2% of S.T. + 1% of the S.T. |
|
6. |
25.02.2009 to till date |
10% |
2% of S.T. + 1% of the S.T. |
vimal kumar bahuguna
(account executive)
(23 Points)
Replied 30 March 2012
Dear Sir,
What is the rule of Full & Final , How many days calculate if company fired you from job.
nitin suvarna
(C.A FINAL)
(828 Points)
Replied 30 March 2012
@ vimal - from the date of salary due to the last working day by the person for the org.....
Srystar007
(CA-IPCC)
(54 Points)
Replied 30 March 2012
Is revised Service Tax apllicable in May 2012 exams??
Maria Joseph
(Senior Accountant)
(25 Points)
Replied 31 March 2012
Is there education cess applicable for service tax for the FY 2012-13?
Regards
Joseph
Valerian Dsouza
(Manager Audit & Taxation)
(413 Points)
Replied 31 March 2012
Rate of service tax from 01.04.2012 is 12%
2% Education cess & 1% HEC is payable on service tax.
Total 12.36%
Dinesh Kumar
(Audit Manager)
(24 Points)
Replied 03 April 2012
Yes, the revised tax rate is applicable for May 2012 attempt for CA Final students
Dinesh Kumar
(Audit Manager)
(24 Points)
Replied 03 April 2012
Revised Service tax rate is applicable only for Final students not for IPCC students.
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