#1
31st March 2013, 12:28 PM
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Central Excise Tax Rate
I heard that Central Exam Tax Rate is changed so kindly provide me its new Tax Rate.
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#2
2nd April 2013, 11:28 AM
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Re: Central Excise Tax Rate
Central Exam Tax Rate was changed in 2012 and new rate is published in pdf file. I have that file and following are contents of that file: A. Rate changes: 1. The rate of service tax is being restored to the statutory rate of 12% - same as goods-and Notification No. 8/2009-ST dated February 24, 2009 reducing the rate to 10% has been rescinded effective April 1, 2012. 2. Consequent changes have also been made in composition rates as follows: i For life insurance: 3% for the first year premiums while retaining the rate @1.5% for the subsequent years(simultaneously restoring full Cenvat credit); ii Money changing: raising the existing rates proportionately by 20%; iii Distributor or selling agent of lotteries: Raising the specified amounts proportionately and suitably rounded off to Rs 7,000 and 11,000; iv For works contracts from 4% to 4.8%. 3. The rate for Cenvat reversal for exempt services has been revised likewise from 5% to 6% in Rule 6(3) of Cenvat Credit Rules (CCR), 2004. 4. The dual tax structure for air transportation: partly specific, partly ad valorem - is being replaced with a uniform ad-valorem levy at standard rate with an abatement of 60% on all sectors and all classes. 5. All these changes will be effective April 2012. For more detail you can free download attached pdf file. It is free for you. |