Question: What is the service tax rate for FY 2015 16?

What is the rate of Service Tax in FY 2014 15?

The rate of Service Tax was increased from 12.36% to an all inclusive, flat 14%, which included Subsuming Education Cess and Secondary & Higher Secondary Education Cess.

What is Service Tax rate in India?

Service tax is charged at the rate of 15% currently. The taxability arises once the value of services exceeds Rs. 10 lakhs during the financial year. It is very important to identify the place of service provision as the tax is levied on services rendered in taxable territory.

Is it compulsory to pay service tax?

According to Union government approved guidelines in 2017, service charge on hotel and restaurant bills are voluntary and not mandatory. … When he received his bill, he noticed he had been charged a 10% service charge, in addition to the goods and service tax (GST).

What is the rule of service tax?

Under Rule 4A of the Service Tax Rules, 1994, it is compulsory for a service tax assessee to issue a bill or invoice within 14 days from the date on which the taxable service was completed or the date on which the payment was received for the service, whichever comes first. … The amount of service tax payable.

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What are the types of service tax?

There are Four GST types namely Integrated Goods and Services Tax (IGST), State Goods and Services Tax (SGST), Central Goods and Services Tax (CGST), and Union Territory Goods and Services Tax (UTGST).

Does service tax exist after GST?

The Government of India has levied the services taxes on the services rendered by restaurants. Service tax is one of many taxes that are now replaced by GST.

What is the penalty for late payment of service tax?

If an assessee has not filed his or her service tax return for more than 30 days following the expiry of the prescribed deadline, then a late payment fee of Rs 1,000, along with an extra charge of Rs 100 for every additional day of delay in excess of the initial 30 days, will be charged.

What is the due date for payment of service tax?

If the service taxes are paid online through internet banking, etc., the payments will be due on the 6th of every month and the 31st of March. If the service taxes are paid by any other means, the payments will be due on the 5th of every month and the 31st of March.

How do I calculate Service Tax?

2009 the rate of service tax is 10% on gross value of the taxable service plus 2% Education Cess on the service tax amount and 1% Secondary Higher Education Cess on the service tax amount. Example: Suppose the value of taxable service is Rs. 100. Service tax @10% will be Rs.

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What are the 3 types of GST?

The 4 types of GST in India are:

  • SGST (State Goods and Services Tax)
  • CGST (Central Goods and Services Tax)
  • IGST (Integrated Goods and Services Tax)
  • UGST (Union Territory Goods and Services Tax)

What is the current rate of Service Tax in India in 2020?

The rate of Service Tax was 15% whereas the rate of GST is 18%.