In service tax and vat is there a way to decide whether to take the tax rate as incusive or exclusive( 10.3/100 or 10.3/110)
Or is there a list of such items when exclusive or inclusive
2 Replies
(Guest)
If the service provider had collected the service tax,the service tax he collected will be shown in invoice and the same will be paid to the government...i.e 10.3%
if he has provided the service and he collected the consideration from his client without collecting any service tax,then service tax is included in the consideration received by him.... in this case invoice doesn't include service tax but only amt. received by him.....
the amt.received by him will be taken as 110.3% sincle service tax is included there and the service tax payable is as follows
Amt.received x 10.3
/
110.3
mridul savio Pinto
(articled trainee )
(1477 Points)
Replied 30 March 2012
if service tax collected / vat is not seperately shown in invoice then it is inclusive otherwise exclusive of tax
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