Gurvinder Singh (ACCOUNTS ASSISTANT) (149 Points)
02 September 2013I want to know, how to calculate the service tax amount, if it is included within the received payment.
e.g.- Suppose I receive a payment of Rs 10000/- inclusive of 3.09% SERVICE TAX, how do I calculate the service tax amount?
Pls help
Thnx
Gurvinder
Ashwini. K
(Partner in KGR&CO)
(96 Points)
Replied 02 September 2013
Sir,
When Service tax is inclusive of the amount paid then Service tax should be computed as under :
10000/103.09*3.09 = 299.74
At present the Service Tax rate is 12.36%.
I hope you have got the answer.
CAclubindia
