Hi All,
Suppose, my services are covered under 60% abatement. I rendered services worth Rs.1,00,000/-. For what value the invoice would be raised?
Shweta Garg (CA FINAL Executive(Payables)) (147 Points)
04 July 2012Hi All,
Suppose, my services are covered under 60% abatement. I rendered services worth Rs.1,00,000/-. For what value the invoice would be raised?
Ajit kumar Dubey
(Taxation Manager)
(637 Points)
Replied 04 July 2012
Shweta Garg
(CA FINAL Executive(Payables))
(147 Points)
Replied 04 July 2012
Now suppose, I took someone's services which are covered under 60% abatement. and the party raised the invoice as said above.
if the party's account in Tally.ERP 9 is service tax affected, then how the entry would be passed?
Shweta Garg
(CA FINAL Executive(Payables))
(147 Points)
Replied 04 July 2012
Originally posted by : Ajit kumar Dubey | ||
The invoice will be raised worth Rs 1,00,000/- plus service tax @ 12.36 on Rs 40,000/-. |
I should mention the abatement value in the invoice.
Ajit kumar Dubey
(Taxation Manager)
(637 Points)
Replied 04 July 2012
RENGARAJ R.K
(ADVOCATE)
(7557 Points)
Replied 13 July 2012
Please mention the abatement value like this:
Services value Rs. 1,00,000.00
Add Service tax @ 4.944% Rs. 4,944.00
-------------------------
Total Rs.1,04,944.00
----------------------
Most of the rent-a-cab service providers and abatement availed service providers charge the net rate i.e after availing the abatement.
Ajit kumar Dubey
(Taxation Manager)
(637 Points)
Replied 13 July 2012
RENGARAJ R.K
(ADVOCATE)
(7557 Points)
Replied 13 July 2012
Dear friend mr Dubey, It is okay. Since i am receiving lot of input service invoices showing the net rate, i have suggested the same.
Ajit kumar Dubey
(Taxation Manager)
(637 Points)
Replied 14 July 2012
CA Saugata Chowdhury
(Finance Manager)
(24 Points)
Replied 24 July 2012
Dr | Cr | |
Vendor Account | 1,04,944 | |
Expenses | 1,00,000 | |
S.T Credit | 4,800 | |
Ed Cess Credit | 96 | |
SHE Credit | 48 |
SAMRAT GHOSH
(Chartered Accountant)
(64 Points)
Replied 08 September 2012
Dear CA Chowdhury and all, what be the entry in the books od recipient of service under the reverse charge mechanism?