Service tax may go up to 16% from 14.5%: Report
The rate of service tax could reportedly go up to 16% from the current 14.5% in the upcoming Budget. However, the minimum turnover limit for the tax net will be increased from the existing ₹10 lakh to ₹25 lakh. The service tax was increased from 12.36% to 14% last year, followed by the inclusion of a 0.5% Swachh Bharat cess. 