Service Tax -

RATE OF SERVICE TAX:
 
1.SERVICE TAX RATE CHART FROM 01.07.1994 TO FINANCIAL YEAR 2016-17
 
Period Basic Rate Education Cess Swachh Bharat Cess Higher Education Cess Krishi Kalyan
 Cess
Rate
01/07/1994 to 13/05/2003 5 0 0 0 0 5 %
14/05/2003 to 09/09/2004 8 0 0 0 0 8 %
10/09/2004 to 17/04/2006 10 2 0 0 0 12 %
18/04/2006 to 10/05/2007 12 2 0 0 0 12.24 %
11/05/2007 to 23/02/2009 12 2 0 1 0 12.36 %
24/02/2009 to 31/03/2012 10 2 0 1 0 10.30 %
01/04/2012 to 31-05-2015 12 2 0 1 0 12.36 %
From 01/06/2015 to till now 14 0 0.5
(15.11.2015)
0 0.5
(01.06.2016)
15.00 %


DUE DATE FOR PAYMENT OF SERVICE TAX:
 
For all service tax payers (except Individual and partnership firms), the due date for payment of service tax is 5th of the following month in which the service tax is liable to pay. However, if the payment is made online - the due date for payment of service tax is 6th of the following month.
 
Exception: Service Tax to be paid for the month/quarter ending March shall be payable by 31st March of the said calendar year. The payment schedule has been summarised below for your ready reference .
 
Particulars Frequency Due Date
Paid Physically Paid Online
Individual/Partnership Quarterly 5th of the Following Quarter 6th of the Following Quarter
Others Monthly 5th of the Following Month 6th of the Following Month
 
From the above it is clear that it is beneficial to pay the amount due online as a grace period of 1 day is allotted and moreover the tax payer does not have to stand in long queues for depositing the service tax.