New service tax rate in tax codes
Section 66B of the Finance Act, 1994 has been amended by Section 108 of the Finance Act, 2015. The rate of Service Tax is being increased from 12% to 14% (including Cesses). This change will come into effect from 1st of June, 2015. We are having more than 100 tax codes configured. Is there any possibility of working the above change through date validity option to avoid creation of new tax code? or suggest the best industry procedures.
Thanking you in advance.