https://www.taxtmi.com/article/detailed?id=6271 Service tax raised to a flat 14% effective June 1, 2015 (subsuming education cesses) and an enabling levy for a 2% Swachh Bharat Cess on notified taxable services; amendments to the Negative List and related definitions bring additional services within the tax net, trigger revisions to composition rates and exemptions, and increase the Cenvat Credit reversal rate for exempted services. A primary practical concern is the transitional interaction between Rule 4 of the Point of Taxation Rules and Section 67A of the Finance Act affecting advance payments, invoicing across the effective date, and residual cess balances, requiring Board clarification. en-us Fri, 22 May 2015 22:52:23 +0530 Fri, 22 May 2015 22:52:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=6271 Service tax raised to a flat 14% effective June 1, 2015 (subsuming education cesses) and an enabling levy for a 2% Swachh Bharat Cess on notified taxable services; amendments to the Negative List and related definitions bring additional services within the tax net, trigger revisions to composition rates and exemptions, and increase the Cenvat Credit reversal rate for exempted services. A primary practical concern is the transitional interaction between Rule 4 of the Point of Taxation Rules and Section 67A of the Finance Act affecting advance payments, invoicing across the effective date, and residual cess balances, requiring Board clarification. Articles Service Tax Fri, 22 May 2015 22:52:23 +0530 https://www.taxtmi.com/article/detailed?id=6271