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Quality with Timeliness

President gives assent to Finance Bill, 2015

Finance Bill, 2015 gets presidential assent today and becomes Finance Act 2015.

Hence, Service tax rate of 14% get approved and will be effective from the date to be notified by a separate notification.

However, today no such notification was issued; hence, rate of service tax shall be increased from 12.36% to 14% only after the date is notified. (expected in next few days)

Till such notification is issued, service tax rate remains 12.36%.