Santosh Nalawade (Practice) (355 Points)
06 April 2016
Megha Choudhary
(Management Trainee)
(541 Points)
Replied 06 April 2016
70% is abatement
14.5% is service tax
Nitin Chordiya
(CA final Student)
(264 Points)
Replied 06 April 2016
Rate of Service tax is 14.00% and Swachh Bharat Cess 0.5%
Abatement rate is 70%.
You can find it on this link-
https://www.cbec.gov.in/htdocs-servicetax/st-circulars/st-circulars-2015/st-circ-186-2015
RAHUL GUPTA
(SENIOR ACCOUNTANT)
(24 Points)
Replied 06 April 2016
Nitin Chordiya
(CA final Student)
(264 Points)
Replied 06 April 2016
Bifucation of bill of restaurant into two part i.e. value of goods & value of service provided is difficult.
As per the service tax rules abatement has been allowed for the levy of service tax on the food served in restaurant, according to this rule service tax should be charged only on 40% of food bill (Including service charge) and not on the total bill.
In other words we can say the rate of service tax on restaurant bill is 5.6% (40% of 14).
JAYS
(MBA)
(97 Points)
Replied 07 April 2016
Krishi Kalyan Cess would be levied @ 0.5% from 1st June 2016. It is also applicable to transportation services.
Lvrao
(Manager (F&A))
(34 Points)
Replied 09 April 2016
The Service Tax will be applicable on transportation contracts as follows:
Your basic bill Rs. 20,00,000
Less: Abatement amount @ 70% on your basic bill Rs. 14,00,000
Value of Service Tax applicable Rs. 6,00,000
Service tax @ 14.5% on Rs. 6,00,000/- Rs. 87,000
You have to collect Rs. 20,87,000/- from your client and remit Rs. 87,000/- to the department on account of service tax.
ajit sihag
(Auditor)
(47 Points)
Replied 11 April 2016
how to show service tax amount in service tax return in case of transport. service tax ,education cesss, senior higher education cess, swach bharat cess
Lvrao
(Manager (F&A))
(34 Points)
Replied 11 April 2016
You may login and go to your service tax ID, there every thing will be available to fulfil your return. You just fill the all the information according to your calculation for the perticular period and upload the return. See that all information must be tally according to your books of accounts including payments made to the department.
JAYS
(MBA)
(97 Points)
Replied 11 April 2016
Mr. Lvaro,
Under the revere charge mechanism if you have less than 10 trucks and you have declared the same with your clients then the amount 87000/- need to be deposited by sevice receiver on their service tax no. and you dont need to charge the same from the clients.
CAclubindia
