Which Service Tax Rate is applicable for PCC Nov 08 exam 12.24 or 12.36????????
Plzzz Help
Pranav Vyas (CA Final) (98 Points)
14 October 2008Which Service Tax Rate is applicable for PCC Nov 08 exam 12.24 or 12.36????????
Plzzz Help
Rahul Gupta
(CA Final Student)
(1780 Points)
Replied 14 October 2008
Dear friend.
The ST Rate applicable is 12.36%
CA. C V SURYAM
(Practising Chartered Accountant)
(865 Points)
Replied 15 October 2008
Dear friends, please remember that it is not 12.36%. It is 12% plus EC and SHE Cess @ 2% and 1% repsectively. In total effective tax is 12.36%. We cannot cess into tax and then tell consolidated rate. Please do remember, the rate is 4% plus Cesses in case of composition scheme under works contract services (Sec.65(1050(zzzza).
Sudha agarwal
(business)
(20 Points)
Replied 23 October 2008
we have received road construction from a corporate for Rs 25 lks further we have given a sub contract to other contracter all material and labour cost will be borne by the sub contractor. how much service tax will be charged by the sub contractor and howmuch service tax we shall charge to the company whether we can take credit for the service tax charged by the sub contractor material cost is 60 to 70 % and the rest is labour charges. PLEASE ADVISE
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