SALE IN WORKS CONTRACT
This query is : Resolved
25 September 2010
I AM WORKING IN FIRM WHICH DO THE BUSINESS OF MECHANICAL CONTRUCTION WORK IN REFINERY. I WANT TO KNOW THAT WHAT WILL BE THE SALE AMOUNT IN TRADING ACCOUNT BASIC VALUE BEFORE SERVICE TAX OR THE AMOUNT (GROSS AMOUNT INCLUDING SERVICE TAX) ON WHICH CONTRACTEE DEDUCT THE TDS.PLEASE CLARIFY THE MATTER IN RELATION TO CONTRACT.
27 September 2010
It appears that the firm is undertaking a comopisite contract as TDS is deducted on total amount( incl your value + Serv. tax).
Since you are collecting tax and will eventually deposit it, service tax amount will not be reflected in your sales- as it will be nullified at a point of time. The position does not change even if it is assumed that payment is made by CENVAT.
Lastly, service tax is not part of your income/ sales and hence should not be shown in receipts
Hope this solves your query
Since you are collecting tax and will eventually deposit it, service tax amount will not be reflected in your sales- as it will be nullified at a point of time. The position does not change even if it is assumed that payment is made by CENVAT.
Lastly, service tax is not part of your income/ sales and hence should not be shown in receipts
Hope this solves your query
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
