The Finance Minister while announcing the Union Budget 2016 has introduced new cess called "Krishi Kalyan Cess". It would be levied @ 0.50% on the value of all taxable services. It would be applicable with effect from 1st June, 2016. The Accounting codes are given here under.
The Central Board of Excise & Customs has extended the last date of submission of service tax return form ST-3 for the period from 1st October, 2015 to 31st March, 2016, from 25th April, 2016 to 29th April, 2016. The Copy of the order is given below.
The detailed FAQs issued by CBEC can be downloaded from the link given below.
Ministry of finance, Government of India vide its Service Tax notifications, numbering 21/2015 & 22/2015 has imposed 0.5% Swachh bharat Cess on services with effect from 15th November, 2015. The copy of both the above said notifications are given below for viewing as well downloading.
No Service tax on free Pick-up or Home delivery of food as it is being in the nature of "Sales" – Chandigarh Commissionerate.This has been clarified by the Chandigarh Commissionerate vide its letter C.No. ST-20/STD/Misc./Sevottam/62/12/4693 dated August 13, 2015 (“the Clarification”). The copy of the said letter is given below.
Service tax rate has been increased to 14% with effect from 01.Jun.2015. Please note that Education Cess (2%) Secondary & Higher education cess (1%) is not applicable wef 01.06.2015. List of service on which Swach Bahart Cess applicable and effective date of Swach Bahart Cess is not notified Yet.
However many services have abatements under valuation/composition schemes, so applicable effective rate is different for many services. However there may be some conditions along with these abatements/composition schemes. The service tax rate chart after abatement is given below.
The Hon’ble President of India has given assent to the Finance Bill, 2015 on Thursday, May 14, 2015. After that The Ministry of Finance, Department of Revenue has issued Notification No. 14/2015-ST dated May 19, 2015 thereby increasing the rate of Service tax from 12.36% to flat 14% (Subsuming Education Cess and Secondary & Higher Secondary Education Cess) to be effective from June 1, 2015. The copy of the notification along with TRU letter D.O.F.No.334/5/2015-TRU dated May 19, 2015 is attached below for viewing and downloading.
SERVICE TAX RETURN FOR OCT-13 TO MAR-14 NOW AVAILABLE FOR FILING /DOWNLOAD
Service Tax Return (ST-3) excel utility for the period of October 2013 to March 2014, i.e. second half of the financial year 2013-14 is now available in ACES for e-filing by the assesses in both offline and online version.
The Finance Bill 2014, as introduced in the Lok Sabha today, 17.02.2014, is available for download. The highlights of the Budget are as follows:
The Excise Duty on all goods falling under Chapter 84 & 85 of the Schedule to the Central Excise Tariff Act is reduced from 12 percent to 10 percent for the period upto 30.06.20 14. The rates can be reviewed at the time of regular Budget.
Changes In Service tax
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Tarun Kumar Gupta
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