Revised Service Tax Rates for 2015-16 & Guide, Collection History of Service Tax

Basic Information about Service Tax & Service Tax Rate Updates:

Service tax is a tax which is payable on services provided by service provider. It is like Excise duty. Excise duty is payable on the goods which are manufactured. As same as service tax is payable on services. Service tax is taken by government. The service provider collects tax from the customer and deposit to the government.

Revised Current Service Tax Rate

In budget 2015, the financial minister declared that the service tax has been increased from 12.36% to 14%. And this new rate of service tax is applicable from 1st June, 2015. Before 1st june, the tax of provided service was 12.36% and after 1st June, 2015 it is 14%.

The service tax is applicable from 1994. When we use the services like phone bill payment or hire a room in hotel, we have to payout little more than actual charge due to this service tax factor.

Service Tax Collection History

The collections under the Service tax from the year of original levying year of 1994 are constantly growing. The collections are shown as in the following table:

Financial Year Revenue Rupees(in crores) Number of services Number of Assessees
1994-1995 407 3 3943
1995-1996 862 6 4866
1996-1997 1059 6 13982
1997-1998 1586 18 45991
1998-1999 1957 26 107479
1999-2000 2128 26 115495
2000-2001 2613 26 122326
2001-2002 3302 41 187577
2002-2003 4122 52 232048
2003-2004 7891 62 403856
2004-2005 14200 75 774988
2005-2006 23055 84 846155
2006-2007 37598 99 940641
2007-2008 51301 100 1073075
2008-2009 60941 106 1204570
2009-2010 58422 109 1307286
2010-2011 71016 117 1372274
2011-2012 97509 119 1535570
2012-2013 132518 Negative List Regime 1712617

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