B.Aruna (Practicing Chartered Accountant) (84 Points)
16 March 2012Dear Friends,
The increased rate of service tax from 10% to 12% in Budget 2012, will be effect from the next Financial year 2012-13 or else from this month ah???
pls clarify me.
venkata narayana reddy m
(ARTICLED STUDENT)
(273 Points)
Replied 16 March 2012
1. Service Tax is 12.36% on gross services and Excise duty also 12.36%
Basic rate is @ 12%
Education cess @ 2%
SHEC @ 1%
venkata narayana reddy m
(ARTICLED STUDENT)
(273 Points)
Replied 16 March 2012
Union Budget highlights
Fahad Ali Sayed
(Praciticing CA)
(40 Points)
Replied 16 March 2012
All changes in relation to service tax take effect from a notified date and not immediately as in case oif excise duty.
The notified date being 1st April 2012 in case of changes in relation of service tax . Hence Service Tax Rate will be 12% from 1st april 21012.
And changes in rate of excise duty take effect from midnight of 16th March 2012.
Fahad Ali Sayed
(Praciticing CA)
(40 Points)
Replied 16 March 2012
Mr.Sriram No offence but please get facts absolutely correct before posting.
Fahad Ali Sayed
(Praciticing CA)
(40 Points)
Replied 16 March 2012
Serive tax rate change is alway from a notified date excise and customs rate change immediately
Pratik
(Manager Finance)
(21 Points)
Replied 16 March 2012
where can we get this TRU file for other updates Fahad
Rakesh Gupta
(Vice President Finance)
(92 Points)
Replied 16 March 2012
Dear Firends,
Please go though the attached memorandum to Finance Bill 2012 for insights into amendments proposed in Indirect Taxes.
v.mohan
(chartered accountant)
(21 Points)
Replied 16 March 2012
Service tax rate is effective only after the budget is passed in parliament and president's approval is obtained which will be before the end of may.
deepak
(Chartered Accountant Company Secretary)
(94 Points)
Replied 16 March 2012
Increased service tax and excise duty rates will be applicable from 17/3/2012
Maneesh Kumar
(B.Com M.Com STUDENT CWA IPCC)
(507 Points)
Replied 17 March 2012
Increased service tax rates will be applicable from 01/04/2012.
Valerian Dsouza
(Manager Audit & Taxation)
(413 Points)
Replied 17 March 2012
As reported in " BUSINESS STANDARD" , SECTION -III, Budget 2012-13 explanatory memorandum page 5, dated 17th March, 2012, which is reproduced hereunder briefly :
1. RATE OF SERVICE TAX :
1) The rate of service tax is being increased from ten percent to twelve percent.
2) .......
3)........
4) .........
( The above changes will be applicable from 01.04.2012 )
Raja Panduranga CA, CS, LLB
(Cheif Finance Officer)
(581 Points)
Replied 17 March 2012
Service tax of 12% will be effective from 1st April 2012
CAclubindia
