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Service tax pls help

rohit chadha (accountant) (107 Points)

01 June 2016

sir, we recd rent from canara bank , and they deducted tds from us , not pay service tax to us , but we pay service tax on behalf rent recd from bank 1) can we deemanding service tax from bank ? 2) it is that okay to pay service tax not recd by bank ? please help and thankyou

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7 Replies

JOJY THOMAS (CHARTERED ACCOUNTANT) (295 Points)
Replied 01 June 2016

ISSUE BILL WITH SERVICETAX .CHECK WHETHER THE RENT IS INCLUSIVE OF SERVICE TAX OR NOT W.R.TO RENT AGREEMENT

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rohit chadha (accountant) (107 Points)
Replied 01 June 2016

sir is there any intimation exempted service tax rent from bank ?

JOJY THOMAS (CHARTERED ACCOUNTANT) (295 Points)
Replied 01 June 2016

Renting of Immovable Property is a declared service as per section 66 E of the Finance Act

ravi teja (CA) (37 Points)
Replied 01 June 2016

1.Issue Invoice with service tax if you receive the service tax pay the same to government.

2.If you dont receive the service tax treat the same as inclusive of service tax

3.There is no exemption on service tax for renting to bank.

CA Prateek Goyal (Chartered Accountant) (30 Points)
Replied 01 June 2016

Everything depends on Agreement between you and bank, If it states that all taxes to be bourne bu you then you cannot demand service tax from bank and consider rent received inclusive of service tax.

In future issue invoice with service tax shown seperately.

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Sreenivas (Practicing Chartered Accountant) (37 Points)
Replied 01 June 2016

Treat bill as Inclusive of service Tax and Pay accordingly.

CA Saurabh Singh (Practising Chartered ) (974 Points)
Replied 01 June 2016

As rightly discussed above, renting of Immoveable property has been considered as Declared Service u/s 66E.

If the bill shows seperately there is no issue, however if there has been no seperate disclosure of service tax the ame shall be considered as inlclusive the liability has to be deposited accordingly.