Biju.V (Accountant) (128 Points)
23 January 2010
| WE ARE IN TO CONTRUCTION BUSINESS | ||||||
| WE RAISE INVOICE TO OUR CLAINTS LIKE THIS | ||||||
| GROSS AMOUNT | 75000 | |||||
| VAT @ 12.5 ON 75% OF GROSS AMOUNT | 7031 | |||||
| SERVICE TAX @ 10.3 ON 33.33% OF GROSS AMOUNT | 2575 | |||||
| TOTAL AMOUNT | 84606 | |||||
| IF OUR CLAINT PAY PART PAYMENT OF RS.50000/- HOW DO I CALCULATE WHAT IS THE SERVICE TAX INVOLVED IT???? | ||||||
| PLEASE TELL ME THE CALCULATION | ||||||
THANKS IN ADVANCE
BIJU
Sushma Mevacha
(Executive)
(394 Points)
Replied 23 January 2010
I think in this case you should go in the reverse calculation & get the confirmation from your clients or any ladger copy to check the Service Tax and other details.
Sushma Mevacha
(Executive)
(394 Points)
Replied 23 January 2010
Sharmistha
(customer Response Exec)
(21 Points)
Replied 24 January 2010
An Indian Exporter has appointed a foreign agent(not having any establishment in India) for marketing its' product overseas. Based on orders procured by the foreign agent,the goods are exported from India. The agent then receives the sales proceeds, retains his commission to 5% and remits the balance to India.Whether this transaction shall attract service tax in India?
CA Priya
(CS Final)
(1049 Points)
Replied 11 March 2010
Hey yr question is not clear... See if u consider u sell 75% as sale to charge VAT then remaining 25% is only considered as service...... So if u receive 50000 then 25% on tht 12500 being service charges and tax on that is to be calculated by back working....... See...........12500*10.3/110.3 is yr service tax amount i.e Rs.1167.....
CAclubindia
