Abatement of service tax and exmption benefits
This query is : Resolved
14 June 2015
dear sir may clients had provided the value service is more than 11 Lkhs and .he is provide work contract service also.whether he can claime both abatement and exemption limit. please give me small exemple?? its previous year tournover is less than 10 lakh?
14 June 2015
For the current year he has to pay service tax on value of service exceeding 10 lacs. From next year it will be paid on full value.
The value of service for works contract will be considered after availing abatement for the purpose of exemption.
In case of works contract, 40% or 70% of gross receipts is service portion and in case of restaurant/catering service, 40% or 60% of gross receipts is service portion therefore only that part, which is service portion has to be considered for the purpose of computing taxable value for NN-33/2012-ST.
The value of service for works contract will be considered after availing abatement for the purpose of exemption.
In case of works contract, 40% or 70% of gross receipts is service portion and in case of restaurant/catering service, 40% or 60% of gross receipts is service portion therefore only that part, which is service portion has to be considered for the purpose of computing taxable value for NN-33/2012-ST.
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