Tax Liability of Service Tax
This query is : Resolved
31 August 2010
I have a question relating to service tax, please provide me a way for correct accounting and liability to pay tax.
my client provide a service bill of rs 1,10,300 including s.tax of rs 10,300. but he received a total sum of rs. 1,05,000.00 as a final payment. what amount of s.tax he has to pay.
my client provide a service bill of rs 1,10,300 including s.tax of rs 10,300. but he received a total sum of rs. 1,05,000.00 as a final payment. what amount of s.tax he has to pay.
31 August 2010
The client has to pay service tax of Rs. 9805 as under:
105000/110.30*10.3
105000/110.30*10.3
31 August 2010
then what about the balance amount i.e. Rs. 495 (10300-9805) please guide me
31 August 2010
the balance he needs to pay on receipt of the balance money (ie Rs. 5300)
31 August 2010
my client is a franchisee of R.com can he claim credit benefit of s.tax paid on telephone charges.
31 August 2010
yes. can be taken credit
02 September 2010
The definition of the Input service is drafted widely. It covers almost each and every service whether relating to the business or not right from the setting up , modernization , renovation,or repairs of factory premises to the inward transportation of inputs or capital goods and outward transportation upto the place of removal.
However, as the definition of the word place of removal has been slightly amended and the CENVAT Credit in respect of the outward Transportation is subjec to the satisfaction of certain conditions.
Usually, the dept. officials object as to the eligibility of the Cenvat credit in respect of the service tax paid , their plea being that the same is not related to the business operations .
However, there is no need to afraid of, and the manufacturers and service providers has to blindly take the service tax credit without asking to any dept official.
However, as the definition of the word place of removal has been slightly amended and the CENVAT Credit in respect of the outward Transportation is subjec to the satisfaction of certain conditions.
Usually, the dept. officials object as to the eligibility of the Cenvat credit in respect of the service tax paid , their plea being that the same is not related to the business operations .
However, there is no need to afraid of, and the manufacturers and service providers has to blindly take the service tax credit without asking to any dept official.
03 September 2010
what amount of s.tax liability i have to give in liability side if received my fees after the balance sheet date.
03 September 2010
please sir reply soon
06 September 2010
Kindly clarify , are u a service Provider.According to me If u are charging the service tax in your Invoice, then if u are maintaining the A/c on Mercantile Accounting System, the following entry will be reflected.
Party A/c Dr. (Full value incl. S.T)
To S.t. Payable
To Income (Service Name)
Hence, from the point of view of A/c the liability is of the respective yer. However, as far as the ST Deposit is concerended, the same is to be paid only in case of the receipt of the payment from the client.
Party A/c Dr. (Full value incl. S.T)
To S.t. Payable
To Income (Service Name)
Hence, from the point of view of A/c the liability is of the respective yer. However, as far as the ST Deposit is concerended, the same is to be paid only in case of the receipt of the payment from the client.
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