TaxTMI 
TaxTMI 
RATES OF SERVICE TAX AT GLANCE
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....ATES OF SERVICE TAX AT GLANCE<br>By: - CA Akash Phophalia<br>Service Tax<br>Dated:- 16-2-2015<br><br>SERVICE TAX RATES 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-....
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....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. COMPOUND RATES UNDER SERVICE TAX RULES- Rule 6 of the Service Tax Rules, 1994 provides optional compound Rate of Service Tax. Nature of service Compound Rate of Service Tax Booking of tic....
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....kets for Air Travel provided by Air Travel Agents * 0.6% on the basic fare in case of domestic booking. * 1.2% on the basic fare in case of international booking. Insurer carrying on life insurance business * On the gross premium charged from the Policyholder reduced by the amount allocated for investment and savings on behalf of the Policyholder. * In all other cases, 3% of the premium ....
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....charged in the first year and 1.5% of premium charged in subsequent years. Purchase or sale of foreign currency including money changing * 0.12% of the gross amount of currency exchanged for an amount up to 1 lac subject to maximum amount of 30/-. * 120/- and 0.06% of the gross amount of currency exchanged for an amount exceeding 1 lac and up to 10 lacs. * 660/- and 0.012% of the gross amo....
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....unt 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 * 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%. * 11,000/- on every 10 lacs (or part of 10 ....
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....lacs) of aggregate face value of lottery provided, lottery or lottery scheme is one where guaranteed price pay-out is less than 80% * The Education Cess and SHEC are payable in addition to the above rates or amount of Service Tax. * The above rates are optional and the Service Tax assessee can pay the tax at the prescribed rate under Section 66B of the Finance Act, 1994 * If there is any cha....
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....nge in rate of service tax then the same is effected prospectively and not retrospectively. CA Akash Phophalia 9799569294 [email protected] Office No 3 Second Floor Amrit Kalash Residency Road Near Bombay Motor Circle Jodhpur-342001 Rajasthan<br> Scholarly articles for knowledge sharing by authors, experts, professionals ....