I HAVE GIVEN A BILL OF RS 80000/-BUT THE COMPANY HAS PAID AN AMOUNT OF 53320/-AFTER DEDUCTION OF TDS OF RS 1600/ , SECURITY DEPOSIT OF 15000/- & PF & EPF & PENSION OF RS 20080..
SO MY QUERY IS THAT ON WHICH AMOUNT I REQUIRES TO PAY THE SERVICE TAX WHETHER AN ACTUAL BILL AMOUNT OF RS 80000/- OR ACTUAL RECEIVED AMOUNT OF RS 53320/-
02 September 2010
The levy of Excise Duty is on the manufacture of goods but the liability to duty is fastned only on the clearance of goods from the factory.
While, the levy of the service tax is on the provision of service.However, the liability to Service Tax is attracted only when the payment is received from whom the service is rendered. The TDS , contribution to Pf and Security Deposit amt. to payt. received as the deductor will deposit the same with the Govt. While in case of the Security Deposit it will be shown as liability in his books of A/c . Hence, the service tax is to be paid on the full value and not the actual amt. recd.
CAclubindia
