Check sibling questions

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

TAX ON SERVICES IN SERVICE TAX

TAX ON SERVICES IN GST

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

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

 

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Davneet Singh

Davneet Singh is a graduate from Indian Institute of Technology, Kanpur. He has been teaching from the past 12 years. He provides courses for Maths and Science at Teachoo.