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Rates of tax on Services is likely to be 18%
However, Government is thinking of fixing different rates on Different Services
This is because there will not be any abatement in GST just like it was the case in GST
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TAX ON SERVICES IN SERVICE TAX |
TAX ON SERVICES IN GST |
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Normally there is one Standard Rate 15% which includes 14% Service tax +0.5% SBC+0.5% KKC |
There will not be any cess. However, there will be Different Slab Rates |
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For Certain Services, Abatement notified by Govt. Suppose Abatement notified is 70%, then 30% Service tax applicable Service tax Rate =15%*30%=4.5% |
No Concept of Abatement in GST |
