Guys, The assessee is collecting say 1000 as rent and st of 140. He has paid property tax of say 100. So actual st liability is (1000-100)*14% which comes to 126. If the client chosses to pay as per the assessable value, he would have collected excess ST. So the best way woud be to pay of the whole service tax collected right?
As per Notification No. 29/2012, Assessable value for renting of immovable properties is Gross value LESS property Tax paid (On proportionate basis. If assessee pays excess service tax he can adjust it upto one year. Kindly clarify.
Thanks in advance
Regards Sashi
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