Category: Budget

Union budget 2015-16 highlights : Service tax

Union budget 2015-16 has been presented by honourable Finance minister Mr. Arun Jetley on 28th February, 2015. I have gathered details of key changes in service tax in union budget 2015-16. Let’s have a look. Union budget 2015-16 highlights: service tax: Change in service tax rate in budget 2015-16: Service tax rate has been increased from 12.36% to 14 %. Please note that there will be no levy of education cess and higher secondary cess on 14%. The new service tax rate will be applicable from 1st june, 2015.       Levy of swachh Bharat Cess 2% on service tax: Central Government is empower to charge 2%  Swachh Bharat cess on any or all taxable services. That will be notified. Entertainment events/ ammusement facilities are taxable now: Fully taxable services : Amusement facilities like means of rides, gaming devises, bowling alleys in amusement parks, theme parks etc. which were exempted earlier because of inclusion in negative list are now taxable fully. Partially taxable services : Admission / entry to concerts, non recognised sporting events, music concerts, award functions are exempted if admission or entry fees is up to Rs. 500. If entry fees is more than Rs. 500, service tax should be levied. Fully exemted services: Some services are still fully exempted after budget 2015-16. Those services are used by large people frequently. The services are exhibition of...

Read More

Gujarat Budget highlight for the year 2015-16

Shri Saurabhbhai Patel has presented gujarat budget for the year 2015-16 on 24th February, 2015. I have presented gujarat budget highlight for the year 2015-16 in this article. Gujarat Budget highlights for the year 2015-16: sector wise allocation of funds: Go through table below to get inside sector wise allocation of fund as per gujarat budget 2015-16. HeadProvision (in crores) Agriculture and allied activities4660.11 Rural development2238.74 Special area programme216.84 Irrigation and flood control13937.19 Enery6630.02 Industries and Mines2766.68 Trasportaion6568.28 Communication1000.43 Science, technology and environment557.53 Economic services2117.15 Social service38384.15 General service117.99 Total79295.11 Summary of fund allocation for various projects: Rs. 9000...

Read More

Service tax on manpower supply service ( security service)

Budget 2015 brings lots of changes in service tax. Service tax on manpower supply service and security services is covered under full reverse charge now. For better under standing, read detailed article.   Service tax on manpower supply service – Definition: Manpower supply means supply of manpower , temporarily or otherwise, to another person to work under his ( service receiver-employer) superintendence or control.(Rule 2(g) of service tax rules) Reference : cbec notification read here.  Service tax rate for manpower supply service: Service tax rate for manpower supply service is 12.36% until 1st June, 2015. New rate 14% will be...

Read More

Search Tax Masala

Custom Search

Subscribe to Blog via Email

Join 3,329 other subscribers