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Service tax raised from 10% to 12%

Most services will become costlier as Finance Minister Pranab Mukherjee on Friday proposed to raise the service tax to 12 per cent from the existing 10 per cent.

Finance Minister Pranab Mukherjee

Finance Minister Pranab Mukherjee

Most services will become costlier as Finance Minister Pranab Mukherjee on Friday proposed to raise the service tax to 12 per cent from the existing 10 per cent.

"I propose to raise the service tax from 10 percent to 12 percent," Mukherjee said while presenting Union Budget for 2012-13 .

FULL COVERAGE: UNION BUDGET 2012

The finance minister said a few essential services such as education will be exempted from the service tax.

"I propose to tax all the services except those in the negative list," he said.

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