Wednesday, 25 February 2009

Reduction in Effective Rate of Service Tax from 12% to 10%

Reduction in Effective Rate of Service Tax from 12% to 10%
February 25, 2009 ·
NOTIFICATION NO. 8/2009-ST
Dated: February 24, 2009
In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the Finance Act), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts all the taxable services specified in sub-section 105 of section 65 of the Finance Act from so much of service tax leviable there on under section 66 of the Finance Act, as is in excess of the rate of ten per cent of the value of taxable services.
F. No. 354/210/2008-TRU (part)

Key Takeaways from 27th GST Council Meeting

GST Council today in its 27 th meeting approved principles for filing of new return design based on the recommendations of the Group...