Service Tax Payment

Dear all

can some one tell me how to delete your own posts/ reply if there is any mistakes :)

Dear sir

If the VAT and Service Tax amount is to be paid by you then

1. the actual amount on which the taxes are levied is 981092.8 and the amount of taxation is 118907.2
2. to bifurcate 118907.2 into ST amount and VAT amount we will get by calculation as 40420.5 and 78486.5 respectively...so the vat amount collected comes out to be 78486.5
3. so the amount of tax credit that can be taken by you in this case is only 78486.5. since the amount of service tax collected shall be paid to the service tax authorities as per the existing rates no credit on this amount(40420.5) can be taken.
4. service tax is payable at 981092.8 at specified rate of 10.3 percent  (or any other rate subject to the service provided and the time in which it was provided). If the service tax amount collected(40420.5) by the clients falls short of the amount payable to service tax authorities than that(the difference) has to be paid out of 981092.8 only or if possible ask the client to pay the short amount of service tax to you....

Sir i think the calculation done by me is right ... kindly reply if there are any mistakes....

regards

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BILL AMOUNT           9,81,092.00

VAT AMOUNT              78,487.00

Service Tax AMOUNT      40,421.00

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TURN OVER            11,00,000.00

YOU CAN ENJOY CENVAT CREDIT ON RS 40,421.00 ONLY

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Originally posted by : SUCHINDRA PARE
	Dear all can some one tell me how to delete your own posts/ reply if there is any mistakes :)

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AFTER SUBMITTING YOUR THREAD, YOU WILL FIND A [Modify] TAB ON YOUR THREAD

PRESS [Modify] AND CORRECT YOUR ERROR

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Thankyou Sir...but is there any procedure to DELETE older posts....

But EKLABYA SIR the amount of service tax collected from the clients can be used only in payment of service tax and not for claiming cenvat credit...thus it is only the vat amount collected (i.e. 78486.5) that can be claimed for cenvat credit..

regards

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Mr SUCHINDRA

VAT is Commercial Tax previously known as Sales Tax conserned with State Govt

Provintial Govt collects this indirect tax

for West Bengal go to link :  www. wbcomtax.gov.in 

SERVICE TAX is a branch of Central Excise concerned with Central Govt.

Central Govt collects this indirect tax.

For Service Tax folloe the link : www. servicetax.gov.in

If you visit both the links you will know the difference.

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