Reverse charge mechanism
This query is : Resolved
01 July 2014
Hello CCI Members,
My query is that if service provider ie. Insurance com., who has a 100% liability of paying service tax under RCM; pays the service tax amount regularly by mistake to the service receiver ie. Ins. Agent then what course of action should be suggested to the Service Receiver?
TDS is deducted @10% by Ins. Comp.
My query is that if service provider ie. Insurance com., who has a 100% liability of paying service tax under RCM; pays the service tax amount regularly by mistake to the service receiver ie. Ins. Agent then what course of action should be suggested to the Service Receiver?
TDS is deducted @10% by Ins. Comp.
01 July 2014
You have mentioned in your query that service tax amount is paid to service receiver,please clarify???
01 July 2014
Yes mam, Insurance comp. has paid the amount of service tax also with the commission to agent.
Now pls suggest wat to be done by Agent?
for your understanding:
commission amt. 1000
Service tax amt. 123.60
TDS amount Comm. 100
Agent bank cr. by 1023.60 (1000-100+123.60)
Now pls suggest wat to be done by Agent?
for your understanding:
commission amt. 1000
Service tax amt. 123.60
TDS amount Comm. 100
Agent bank cr. by 1023.60 (1000-100+123.60)
01 July 2014
The service tax had to be deposited by the insurance company to the gvrnmt.
Agent can return the amount of service tax received with commission to the insurance company.please mention as to who has paid service tax to government.
Agent can return the amount of service tax received with commission to the insurance company.please mention as to who has paid service tax to government.
05 July 2014
you can return the company excess amount you received.
14 August 2014
Thanx experts for your valuable advice one more query is there that 'if Agent is not an individual but a private limited company, then, will your answers change' ie. RCM under Insurance agency applicable for only individual service providers or is it applicable to company agency also?
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