14% Service Tax effective from June 1

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The Finance Ministry notified that the new service tax rate of 14 per cent would be applicable from 1st of June, 2015 thereby making insurance, phone usage and eating at restaurants more expensive.

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The new rate was announced in the Budget for the financial year 2015-16. The current rate is 12.36 per cent. Service Tax is levied on advertising, certain constructions, service of architects, air travel and event management.

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