Percentage

rates 514 views 1 replies

ACCOUNTS ASSISTANT

150 Points Joined July 2013

I 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

Replies (1)

Partner in KGR&CO

96 Points Joined July 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.

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