Finance bill, 2015 has received the presidential assent on 14th May 2015 and has now become Finance Act, 2015 (NO. 20 OF 2015) . All the provisions which were due to be effective from the date the Finance Bill receives the assent of the President have now been implemented w.e.f. 14th May 2015.
It is worthwhile to mention that the following provisions would be applicable from the date yet to be Notified and have NOT BEEN implemented yet:
- Increase in effective rate of Service Tax from 12.36% to 14%. Hence, there is no change in the rate of Service Tax w.e.f. 14th May 2015.
- Imposition of Swachh Bharat Cess @ 2% on the value of taxable services.
- Levy of Service Tax on Entry to Entertainment Events and Access to Amusement Facilities
- Levy of Service Tax on contract manufacturing/job work for production of potable liquor for human consumption.
- Levy of Service Tax on services provided by the Government or local authority to a business entity, except the services that are specifically exempted, or covered in the Negative List. (Source- ICAI)