24 October 2013
dear expert
plz help me on the following points
st & vat calculation for bills
can dual service tax be calculate on bill
1 st on gross
2 st on vat or vice versa
plz suggest me....
24 October 2013
VAT is to be calculated on the material part(+ profit)and ST is to be calculated on the service value/charges. If these can not be identified in each bill accurately,as per the prevailing rules and practice 70% and 30% of the total invoice amount can be taken as material and sevice charges amounts.If under composition scheme,no vat can be collected but ST can be collected on the whole amount @ 4.12%. ..mjk
CAclubindia
