The Central Government has issued Notification No. 14/2015-ST dated 19-05-2015 (attached below) whereby Service Tax Rate has been notified to be increased from 12.36% to 14% effective from 01-06-2015. so its finally applicable for the year 15-16.
in a move that will make eating out in restaurants, insurance and phone bills expensive, among many other things.
Corresponding changes in Rules 6 of Service Tax Rules, 1994 for increase in rate of Service Tax for:
will also be applicable w.e.f. 1st June, 2015 (Notification No. 15/2015-ST).
In addition following changes will be applicable w.e.f. 1st June, 2015:
Date of applicability of following provisions is yet to be notified:
Credit : Atul Gupta SimpleTaxIndia