Adjustement of service tax paid on advance
This query is : Resolved
Rajesh Chandra
(Querist)
25 April 2010
Dear All,
Our company has received advance Rs. 1,00,000/- & servicce tax @ 12.36% Rs. 12,360/- from our client in 2009.
Now we have pvided the services of Rs. 5,00,000/- against the same advance in 2010 when service tax rate is 10.30%.
we are liabile to pay service tax on 5,00,000/- @ 10.30% i.e. 51,500/- & we have alredy paid service tax Rs. 12,360/- then our net liability of service tax is Rs. 39,140/-.
How do we incoprate the diference due to rate change in service tax return.
Thanks
Our company has received advance Rs. 1,00,000/- & servicce tax @ 12.36% Rs. 12,360/- from our client in 2009.
Now we have pvided the services of Rs. 5,00,000/- against the same advance in 2010 when service tax rate is 10.30%.
we are liabile to pay service tax on 5,00,000/- @ 10.30% i.e. 51,500/- & we have alredy paid service tax Rs. 12,360/- then our net liability of service tax is Rs. 39,140/-.
How do we incoprate the diference due to rate change in service tax return.
Thanks
Sanjeev Kumar
(Expert)
27 April 2010
Any service provided or to be provided is covered under the taxable service. Therefore when consideration is received in advance for provision of certain service, it is deemed taxable service that is provided, therefore the same is not eligible for refund and / or adjustment
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