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Service tax rate applicable for ipcc november,2012.

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vipul jain (EFFORTS NEVER FAIL) (2894 Points)
Replied 20 October 2012

Rule 6(7C) of the Service Tax Rules, 1994-->> Promotion or marketing etc. of lottery-- Optional composite payment.

 

  • Instead of paying tax @ 12%(Sec.66 rate) assessee may opt to pay tax at the following composite rates.
  • Option to be exercised within a period of one month from the begining of the financial year[i.e. April, 30th]... In case of new service provider, the option shall be exercised within one month of providing taxable services.
  • Option Not to be withdrawn during the remaining part of the financial year.

 

No. Case Service Tax (as amended w.e.f. 1-4-2012)
1. If the lottery or lottery scheme is one where the guranteed prize payout is more than 80% Rs.7,000/- on every Rs.10 Lakh (or part of Rs.10 Lakh) of "aggergate face value of lottery tickets" printed by the organising State for a draw. 
2. If the lottery or lottery scheme is one where the guranteed prize payout is less than 80% Rs.11,000/- on every Rs.10 Lakh (or part of Rs.10 Lakh) of "aggergate face value of lottery tickets" printed by the organising State for a draw.

Note-> In case of online lottery, the aggregate face value of lottery tickets shall be taken as the aggregate value of tickets sold.

 

 

Thanks & Regards

Vipul jain


romy (to be a ca) (21 Points)
Replied 22 October 2012

can i know the excat rate???  Because in nov 2012 rtp me bhi 12.30% consider kiya he...???


vipul jain (EFFORTS NEVER FAIL) (2894 Points)
Replied 22 October 2012

For Nov. 2012 Exam-->> S.tax Rate is 12.36%


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