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of <h1>India Raises Service Tax Rate to 4.8% Under Works Contract Scheme, Effective April 1, 2012, per Sections 93 & 94.</h1> The Government of India, through the Ministry of Finance, has amended the Works Contract (Composition Scheme for Payment of Service Tax) Rules, 2007. Effective from April 1, 2012, the service tax rate under this scheme is increased from 4% to 4.8%. This amendment is enacted under the authority of sections 93 and 94 of the Finance Act, 1994. The updated rules are part of Notification No. 10/2012 - Service Tax, published in the Gazette of India.
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