Ritesh Jain (CA, CS in Job) (675 Points)
04 December 2008DEAR Friends,
Can any body tell me...... that if Liquidity damages are deducted by the client at the time of payment ........than on what amount service tax is to be paid by the receiver of amount i.e service provider....i)on full invoice value or ii) INvoice value less liquidty damages deducted because net consideration recieved is INVOICE AMT less LD charges.??????????????
B Vijaya
(Chartered Accountant)
(77 Points)
Replied 04 December 2008
| Originally posted by :Ritesh Jain | ||
| " | DEAR Friends, Can any body tell me...... that if Liquidity damages are deducted by the client at the time of payment ........than on what amount service tax is to be paid by the receiver of amount i.e service provider....i)on full invoice value or ii) INvoice value less liquidty damages deducted because net consideration recieved is INVOICE AMT less LD charges.?????????????? |
" |
The net amount receivable should be considered for the purposes of service tax
rahul kohli
(job)
(63 Points)
Replied 04 December 2008
The Service Tax for a particular period is payable on the amount / value of taxable service received during that period and not on the gross amount billed to the client.
Ritesh Jain
(CA, CS in Job)
(675 Points)
Replied 05 December 2008
| Originally posted by :rahul kohli | ||
| " | RAhul...if the service is complete & final payment is INVOICE less LD. then......??????? |
" |
mallikarjun
(pvt job)
(30 Points)
Replied 05 December 2008
Sethu
(Manager - Finance & Accounts)
(53 Points)
Replied 09 December 2008
| Originally posted by :Ritesh Jain | ||
| " |
DEAR Friends, Service tax payable only on net proceeds received not on the amount invoice raised. |
" |
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