fakrudheen (Audit Assistant) (341 Points)
06 January 2016we are a builder, we have planing to construct one building to Bank, we sell it on square feet Rs 3000 (including land) over and above this amount we are collecting 10% on this amount towards service tax, sales tax & govt charges etc.. incase if 10% collected amount is excess it will be refunded otherwise it will collect from thier
my question is
what is the turnover for service tax & sales tax (including 10% or not)
Mayur Kashinpure
(Student)
(341 Points)
Replied 06 January 2016
For the purposes of Service Tax, gross amount charged will be considered for turnover. In case, service tax isn't collected separately, the gross amount charged will be taken as inclusive of service tax.
Mir Irshad Ali
(Partner)
(192 Points)
Replied 14 January 2016
CAclubindia
