Service Tax to be increased from 14.5% to 15% from 1st June 2016
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almost 4 years ago
Attention: Service Tax to be increased from 14.5% to 15% from 1st June 2016
The Union Budget 2016-17 (Finance Act 2016) has proposed to impose a Cess, called the Krishi Kalyan Cess, @ 0.5% on all taxable services. Thus Service tax proposed would be increased from 14.5% to 15% effective from 1st June 2016. In compliance with the same FitnessForce software has made the following changes :
Incase Your Memberships/Products are Inclusive of Taxes:
Now you no longer need to manually change your tax settings in the Fitness Force Software. We have created an automated intelligent system that will read the transaction date and accordingly add the relevant service tax applicable i.e. 15% from 1st June or 14.5 % for any backdated entry prior to 1st June 2016.
Incase Your Memberships/Products are Exclusive of Taxes:
Simply select and add '15% Service Tax' from Step - 3 on the billing page for any membership/POS sale from 1st June 2016 onwards or select and add '14.5% Service Tax' from Step - 3 on the billing page for any backdated transaction prior to 1st June 2016.