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Service tax will be charged at 14% from I June 2015

Finance Minister has purposed increasing service tax rate in budget speech but not notified when it will be applicable. Department of revenue issued notification no. 15/2015 dated 19 May 2015 that new service tax rate which is 14% from the earlier 12.36% is applicable from 1 June 2015. Full notification is as under.

In exercise of the powers conferred by sub-section (1) read with sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby appoints the 1st day of June, 2015 as the date on which the provisions of sub-clauses (a), (b) and (c) and item (A) of sub-clause (d) of clause (ii) of sub-paragraph (e) of paragraph 2 of the notification of the Government of India in the
Ministry of Finance (Department of Revenue), No. 05/2015 – Service Tax, dated 1st March, 2015, published in the gazette of India, Extraordinary, vide number G.S.R. 159(E), dated 1st March, 2015 shall come into force.

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