Service tax rate raised from 10% to 12%

Indirect Taxes:


1. Standard rate of excise duty to be raised from 10% to 12%, merit rate from 5% to 6% and the lower merit rate from 1% to 2% with few exemptions.
2. Excise duty on large cars also proposed to be enhanced.
3. Service tax rate raised from 10% to 12%




http://incometaxreturnindia.in/Highlights-of-Budget-2012.htm