Tax Chart For 2009
November 8th, 2008
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Question: please send me the revised service tax rate chart for the year 2009-10?
Answer: Usually but not necessarily the service tax rates are changed at the time of Budget and come into effect from the date of passing the Finance Act. The rate of service tax remained same for the past two years. Due to recession the rate of service tax was reduced from 12% to 10% from 24.2.2009. So the service tax rate for the current year is 10%.In addition you have to pay 2% of Education Cess and 1% of Secondary and Higher Education Cess on the Service Tax paid. Thus the total service tax rate comes to 10.3% for the year 2009-10. However remember that this is not fixed for the whole year and the government can increase or decrease the rate whenever it want. For further details visit http://www.servicetax.weebly.com.
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