PRATIK P MEHTA (Final Student,articles) (125 Points)
28 January 2010Actually the amount which i have received from the company its inclusive of service tax dude
Pragnesh
(AM - Taxation)
(1259 Points)
Replied 28 January 2010
Amir
(Learner)
(4016 Points)
Replied 28 January 2010
Dear Pratik,
If 4 lakhs was ur gross collections in year 2009 then u can claim the exemption of Small Service provider in which there is limit upto 10 lakhs.
No need to pay any service tax..(I hope u have not collected Service tax by separately mentioning in ur invoice)
Further if u are holding Service tAx registration then Return Filing is mandatory even if it is of "NIL Amount" For this default, penalty can be imposed.
PRATIK P MEHTA
(Final Student,articles)
(125 Points)
Replied 28 January 2010
thanks for ur feed back amir....i know its above ten lakhs but if we collect service tax than we have to pay to the service tax dept if m not wrong........
Amir
(Learner)
(4016 Points)
Replied 28 January 2010
Dear Pratik,
Yes in following two cases it will be paid back to the govt.
Case1 Amount of service tax is separately shown in the invoice
Case2 It is written that "Amount is inclusive of Service Tax"
PRATIK P MEHTA
(Final Student,articles)
(125 Points)
Replied 28 January 2010
now u got it dude ... so now my question is shall i file monthly return of previous yr or what shall i do so that ill pay the service tax received to service tax dept with ineterst but i heard i have to pay penalty...is it true
Amir
(Learner)
(4016 Points)
Replied 28 January 2010
Dear Pratik,
First of all retun under Service Tax is to filed on Half Yearly basis & not on monthly basis.
Tax is to be deposited on monthly basis in case of other than Individuals,
Further, Penalty is to be paid when imposed by the officer by serving a notice of demamd & priorto that reasons for being heared should be given to the assessee. i:e to say penalty does not gets attracted suo motu(on ur own motion)
PRATIK P MEHTA
(Final Student,articles)
(125 Points)
Replied 28 January 2010
Now what shall i do whether deposit all the tax in one shot and prepare a return of previous year or this yr????
Amir
(Learner)
(4016 Points)
Replied 28 January 2010
Dear Pratik,
U can deposit the service tax along with interest with a single cheque.
U have to file return for the previous year.
Further, return for curent year(even if Nil) for deregistration.
PRATIK P MEHTA
(Final Student,articles)
(125 Points)
Replied 28 January 2010
So now for example i got 46870.77 on 11th january 2008 amount from the company what'll be my tax amount sir
PRATIK P MEHTA
(Final Student,articles)
(125 Points)
Replied 28 January 2010
And like that every month irecd a cheque from the company.......the company which gave me cheque is a mnc company sir
Amir
(Learner)
(4016 Points)
Replied 28 January 2010
Dear Pratik,
Amount received is considered as inclusive of service tax, therefore
Service Tax = 46,870.77 x 100/112.36 x 12.36/100
Amir
(Learner)
(4016 Points)
Replied 28 January 2010
Dear Pratik,
I don't thinkthe fact that the co. is a MNC will make any difference
PRATIK P MEHTA
(Final Student,articles)
(125 Points)
Replied 28 January 2010
Yup I Calculated it this way i thought its wrong And MY half yearly return this yr'll be in march i guess..... can i pay tax tomorrow oly sir.....by filling this amount in old return
PRATIK P MEHTA
(Final Student,articles)
(125 Points)
Replied 28 January 2010
k sir thanks a loads for the help this will help me a lot..........
CAclubindia
