Budget 2015-16- All About Service Tax Proposals
Ist Full Year Budget of New Government has been introduced in Parliament on 28 th February, 2015. This Article intends to outline key amendments made in Service Tax. A. Changes effective from enactment of Finance Bill I. Rate of service tax Present rate: 12.36% (12% + 3% as Education Cess) Revised rate: C onsolidated 14% (subsuming Education & Secondary Education Cess) Impact : Cost of all services to get costlier viz. food, flats, insurance, mobile, transport to name a few. II. Enabling Provision for Swachh Bharat Cess (Date to be notified) An enabling provision is being incorporated to empower the Central Government to impose a Swachh Bharat Cess on all or any of the taxable services at 2% on the value of such taxable services. As per Budget Speech by FM, the same shall be notified, if required. III....