In the Union Budget presented on February 28, 2006, the then Finance Minister P. Chidambaram announced an increase in the general rate of service tax. The rate was raised from 10% to 12%. An education cess of 2% on the service tax amount was also applicable, making the effective rate higher, but the base rate itself was increased to 12%.
The Union Budget 2006-07 has increased the service tax from 10% to
Asked in UPPSC Upper Mains 2005 · Topic: Fiscal Policy & Revenue (Sources of Government Revenue: Tax and Non-Tax Revenue)
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