RATES OF SERVICE TAX AT GLANCE

Sr. No.

Period

Rate of Service Tax

Rate of Education Cess

Rate of Secondary and Higher Secondary Education Cess

1.

1-7-1994 to 13-5-2003

5%

Nil

Nil

2.

14-5-2003 to 9-9-2004

8%

Nil

Nil

3.

10-9-2004 to 17-4-2006

10%

2% of S.T.

Nil

4.

18-4-2006 to 31-5-2007

12%

2% of S.T.

Nil

5.

1-6-2007 to 23-2-2009

12%

2% of S.T.

1% of S.T.

6.

24-2-2009 to 31-3-2012

10%

2% of S.T.

1% of S.T.

7.

1-4-2012 till date

12%

2% of S.T.

1% of S.T.

Nature of service

Compound Rate of Service Tax

Booking of tickets for Air Travel provided by Air Travel Agents

1. 0.6% on the basic fare in case of domestic booking.
2. 1.2% on the basic fare in case of international booking.

Insurer carrying on life insurance business

1. On the gross premium charged from the Policyholder reduced by the amount allocated for investment and savings on behalf of the Policyholder.
2. In all other cases, 3% of the premium charged in the first year and 1.5% of premium charged in subsequent years.

Purchase or sale of foreign currency including money changing

1. 0.12% of the gross amount of currency exchanged for an amount up to 1 lac subject to maximum amount of 30/-.
2. 120/- and 0.06% of the gross amount of currency exchanged for an amount exceeding 1 lac and up to 10 lacs.
3. 660/- and 0.012% of the gross amount of currency exchanged for an amount exceeding 10 lacs but subject to maximum amount of 6,000/-.

Distributors and selling agents or persons assisting in organizing lottery

1. 7,000/- on every 10 lacs (or part of 10 lacs) of aggregate face value of lottery provided, lottery or lottery scheme is one where guaranteed price pay- out is more than 80%.
2. 11,000/- on every 10 lacs (or part of 10 lacs) of aggregate face value of lottery provided, lottery or lottery scheme is one where guaranteed price pay-out is less than 80%