ABATEMENT IN SERVICE TAX
This query is : Resolved
27 March 2008
CAN SOMEBODY EXPLAIN ME THAT TERM ABATEMENT WITH EXAMPLE.I DON'T HAVE COMPLETE KNOWLEDGE REGARDING THAT TERM PLZ HELP ME OUT
Shyam Lal Naik
(Expert)
27 March 2008
Abetment means allowable deduction from the consideration receivable for rendering the service to arrive at the taxable value.
For example : An abetment of 75% is available in case of GTA Service
Gross Consideration = 100
Less : Abetment 75% = 75
Taxable Value = 25
For example : An abetment of 75% is available in case of GTA Service
Gross Consideration = 100
Less : Abetment 75% = 75
Taxable Value = 25
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