Revised Service Tax Rates for 2015-16 & Guide, Collection History of Service Tax

June 15, 20150 Comments

Basic Information about Service Tax & Service Tax Rate Updates:

Service tax is a tax which is payable on services provided by service provider. It is like Excise duty. Excise duty is payable on the goods which are manufactured. As same as service tax is payable on services. Service tax is taken by government. The service provider collects tax from the customer and deposit to the government.

Revised Current Service Tax Rate

In budget 2015, the financial minister declared that the service tax has been increased from 12.36% to 14%. And this new rate of service tax is applicable from 1st June, 2015. Before 1st june, the tax of provided service was 12.36% and after 1st June, 2015 it is 14%.

The service tax is applicable from 1994. When we use the services like phone bill payment or hire a room in hotel, we have to payout little more than actual charge due to this service tax factor.

Service Tax Collection History

The collections under the Service tax from the year of original levying year of 1994 are constantly growing. The collections are shown as in the following table:

Financial YearRevenue Rupees(in crores)Number of servicesNumber of Assessees
1994-199540733943
1995-199686264866
1996-19971059613982
1997-199815861845991
1998-1999195726107479
1999-2000212826115495
2000-2001261326122326
2001-2002330241187577
2002-2003412252232048
2003-2004789162403856
2004-20051420075774988
2005-20062305584846155
2006-20073759899940641
2007-2008513011001073075
2008-2009609411061204570
2009-2010584221091307286
2010-2011710161171372274
2011-2012975091191535570
2012-2013132518Negative List Regime1712617

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About the Author ()

Gazala Z. is a Commerce Graduate & a PGDCA having secured first number in her college last year. She possesses a great interest in Tax related updates and her updates at CAcracker.in will portray this fact.

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