SERVICE TAX AMENDMENTS – FINANCE BILL 2015
The budget for the F. Y. 2015-2016 has been presented by the H’ble Finance Minister, Sh. Arun Jaitely Ji on 28th February, 2015 with a focus for smooth transition of all the Indirect Taxes towards the Goods & Services Tax (GST) proposed to be enacted from 01-04-2016.
Besides the proposal to increase the rate of Tax from 12.36% to 14%, the government has expanded the coverage of Service Tax to new areas and applied stringent penal provisions to minimise tax evasion by service providers.
A brief summary of the proposals under the Service Tax Laws are given below for your ready reference:-