Dear All CCI Members,
Pl. suggest me, what could be reason for that my Debtors Ledger's figure do not match with Service Tax payable ledger, however we use payment and receipt basis of Service Tax Rules.
Regards,
Vikash Kharvar
7 Replies
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 25 February 2011
1) debtors are common for sales and services
2) debtors are made for credit , cash services / sales has to be taken in account for reconcilation.
Vikash Kharvar
(Dy. Manager -F&A)
(469 Points)
Replied 25 February 2011
Dear Mr. U S Sharma,
But Service Tax Ledger show only the debtors from which Service Tax have charged.
Regards,
Vikash Kumar
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 25 February 2011
you have to scurtinize your accounting system, some misc charges are included or discounts are offered post invoicing.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 25 February 2011
opening balance of debtors ledger may be the reason for error
Vikash Kharvar
(Dy. Manager -F&A)
(469 Points)
Replied 25 February 2011
Dear Mr. U S Sharma,
Yes ...... i am agree with you.
But can u confirm me from which Date Service Tax rate have revised from 12% to 10% p.a.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 25 February 2011
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, IN PART II, SECTION 3, SUB-SECTION (i)]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(Department of Revenue)
New Delhi, dated the 24th February, 2009
Notification No. 8 /2009 – Service Tax
G.S.R. (E). – In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the Finance Act), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts all the taxable services specified in sub-section 105 of section 65 of the Finance Act from so much of service tax leviable there on under section 66 of the Finance Act, as is in excess of the rate of ten per cent of the value of taxable services.
(Unmesh Sharad Wagh)
Under Secretary to the Government of India
[F. No. 354/210/2008-TRU(part)]
Vikash Kharvar
(Dy. Manager -F&A)
(469 Points)
Replied 25 February 2011
Thank a lot.
Regards,
Vikash Kharvar
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