Finance minister Pranab Mukherjee on Friday raised rates of service tax and excise duty to 12% each, respectively.
Announcing this in Parliament, finance minister Pranab Mukherjee said service tax and excise duty rates will be raised to 12% in 2012-13.
Currently, the Centre levies 10.3% charges as service tax and 10% as excise duty .
Higher service tax rate will enable the Centre to raise Rs18,650 crore, the FM said in his Budget.
The step will be a big boost for the Centre’s huge expenditure burden.
....more info
Announcing this in Parliament, finance minister Pranab Mukherjee said service tax and excise duty rates will be raised to 12% in 2012-13.
Currently, the Centre levies 10.3% charges as service tax and 10% as excise duty .
Higher service tax rate will enable the Centre to raise Rs18,650 crore, the FM said in his Budget.
The step will be a big boost for the Centre’s huge expenditure burden.
....more info