Service Tax Rate Raised from 10% to 12%

The Service tax rate has been marginally raised from 10% to 12%.

Presenting the Union Budget 2012-13 in LokSabha today, the Union Finance Minister Shri Pranab Mukherjee said that to maintain a healthy fiscal situation, the Government has raised the service tax with consequential changes in rates from services that have individual tax rates.

Shri Mukherjee said that this is expected to yield an additional revenue of Rs. 18,600 crore.Meanwhile, the share of services in GDP has increased to 59%, the Minister added.

Source : Equity Bulls

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