Budget 2015-'16 Highlights:
Service Tax Rate Increased from 12.36% to 14%..
Service Tax Rate Increased was a big blow for common man. The service tax rate was increased to
14% from earlier rate of 12.36%.
That means whichever services you avail, you
will be paying the additional 1.64% in service tax.
In case of restaurants, you
will be paying 0.656% more every time (restaurants are required to charge
service tax only on 40% part of the bill) .
So if your restaurant bill was Rs. 1,000, you earlier paid Rs. 49.4 as service tax, but now you will pay Rs. 56 ,
which is Rs 6.6 more.
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