It is correctly said that “ISS Hath Le aur Uss Hath De” and with this premise Indian Finance Minister Pranab Mukherjee has increased Service Tax from 10% to 12% which will net 18000 Crores for govt.
FM has given solace to common man in income tax slabs but increased service tax. You can check rate of income tax rates here.
Effectively businesses are going to pay more in terms of service tax which is negative for the growth of the economy.
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