can anyone clarify the concept the service tax on freight inward.I wanna know in detail all the concept of service tax on good transport agency.

Dear All,
I am in big trouble, I have filed one revised return of service tax but after filing it i came to know that there are still many big correctons are pending now i am in trouble that what to do !!! how to revise the revise STR ????

I REQUEST YOU ALL,PLEASE HELP ME OUT...

THANKS...

The service tax on Insurance Premium is charged @ 10.3%. How ever in case of motor insurance no claim Bonus is given and in case of group insurance, a portion of premium is refunded by way of adjustment against future Premium. In case of Group schemes the premium is paid by the trust set up by Companies. Thus If the premium under motor insurance is Rs. 10,000, no claim Bonus is Rs. 4000 & net premium is Rs. 6000. Whether service tax is payable on gross premium of Rs. 10,000/- or Rs. 6000.. Similarly, in respect of Group Insurance Scheme covering employees of a Company through a separate irrevocable trust set up by the Company, the premium is charged on quarterly basis and adjustment of profit sharing is also done quarterly. Thus premium for first quarter is Rs. 10 Lakhs, which is paid through irrevocable trust set up by the Company for the welfare of the Employees of the Company. The service tax in the first quarter is on premium of Rs. 10 lakhs. How ever, in the second quarter, due to low no. of claims a portion of premium is refunded by way of adjustment against premium for second quarter. Thus the premium due in second quarter is also Rs. 10 Lakhs. But 4 Lakhs of premium pertaining to first quarter is adjusted/ refunded by way of adjustment against premium due in second quarter. The actual amount of premium paid in second quarter is only Rs. 6 Lakhs. Thus against a premium of 40 lakhs in one full year, the Trust is payng Rs. 28 Lakhs of premium. Whether service tax is payable on Rs. 40 Lakhs or Rs. 28 Lakhs. Under what section of the service tax rules, we have to charge service tax on premium, where there is future adjustment of premium due to favourable claim experience. Whether any clarification from the Ministry are available.

My Company has a group insurance contract through the trust set up by our Company with an Insurer for the coverage of all our Employees. The Insurance Premium is charged with the condition, that if the claims are less than premium paid by us, then the balance amount after deduction of administrative expenses to the tune of 6.5 of the premium is refunded by way of adjustment against the future premium for the renewal of the Insurance Scheme. The premium paid by our Company is on quarterly basis and the premium for the next quarter is Gross premium less by the profit shared by way of refund of the premium. The insurance Company is passing on the service tax paid by them to us. Thus for the full year as per rules the gross premium amount comes for our Company to about Rs. 40 Lakhs, but due to profit sharing we pay only Rs. 28 Lakhs of premium. How ever the Insurer is charging service tax on the gross amount of premium i.e Rs. 40 Lakhs @ 10.3%. Thus we have to pay Rs. 4.12 lakhs as service tax. How ever in our Books, the total premium paid by us is only Rs. 28 Lakhs. Our auditors have pointed out that there is an excess payment of Rs. 1.23 Lakhs. Our Insurer is insisting that as per rules they have to pay the service tax on the Insurance Premium which they show in their Books as Rs. 40 Lakhs and Rs. 12 Lakhs are shown as profit shared due to favourable claims ratio. Further some of the Employees of our Comapny resign and their insurance cover is stopped by us for balane no. of months. The insurer refunds the premium for that Employee on proportionate basis. How ever service tax is not refunded or adjusted for that amount against addition of any new Employee whose premium is accepted by the Insurance Company. Thus we are forced to pay more service tax than 10.3%. Please help and confirm what are the exact rules in thsi regard. Thanks.

Sir,
I am working in a IT company.
Accounting Code for Ser.Tax.

00440245 Written as Rs. 40123
00440298 Written as 405
00440299 Written as 439
Total 40967
If 00440245 is 40123
then 00440298 is 802(i.e. 2%) 00440299 is 401(i.e. 1%) Total 41326
I am unable to understand this challan and tell me which I have given is it correct. Service Tax is 10% cess is 2% cess is 1% But my previous Accountnat paid like this. I am the only Accountant, Kindly give advise.

Dear Sir

We have not deposited the Service Tax of Jan'2011-March'2011. till date due to fund crisis. Now i want to Pay the Service Tax amount alongwith Interest .pls Guide me what Interest rate will be payable by me.

after deposit the Tax & Interest The return of Oct'2010 to March2011 to be submit , pls. guide us regarding Penalty for delay filinf of ST-3

Rgds
deepak

Hi,
Refereing to the Notification # 18/2011 - Service Tax.

I am having a query in this regard that if for eg. I have raised an invoice prior to 31/03/2011 & of which I haven't received the money in respect of that invoice till 30/06/2011 then also I have to make the payment of Service Tax in respect of that invoice on 30/06/2011.

As the said notification is effective from 01/04/2011, so the provision of Determination of point of taxation will be applicable on all the invoices raised after 01/04/2011 or the said notification will also be applicable on all the invoices raised prior to 31/03/2011.

Please clarify my doubt.

Thanks & Best Regards,

Gurmeet Singh Rohra
Mob # 099208 73666

Pl. Help me to solve the undermentioned problem
One My Client(status individual) whose taxable turnover during the year 2005-06 was Rs.20,00,000 from T V and Radio Pro gramme Production. He received Rs. 5,00,000/- on June 2005 and balance on 31.03.2006.The previous year 2004-05 his turnover was Nil. My question is whether he was liable to pay service tax or yes then How much.

Respected Experts

I would like to know the latest status of Service tax on renting of immovable property by taking into account the supreme court decision ?

Thanks & Best Regards
Mansha

Hello Experts,

We have raised a Invoice of Rs. 10,00,000/- + Service Tax 10.3 % (1,03,000) Total of Rs. 1103000/- on 31st March, 2011.

We received payment against this bill on April, 2011 after deducting TDS 10 %. Party booked the bill on 31st March, 11 and deducted TDS on 31st March, 2011 and issued us a certificate for 4th Quarter 2011 on 30 May, 2011 and we showing TDS receivable on 31st March, 2011 of Rs. 1,03,000/-

We pay a service tax of Rs. 1,03,000/- on 4th May.

My Question is that we are liable to pay Service Tax on 31st March,11 for that TDS Amount or not ? If yes then tell us return to be revised on not ?

The service tax on Insurance Premium is charged @ 10.3%. How ever in case of motor insurance no claim Bonus is given and in case group insurance, a portion of premium is refunded by way of adjustment against future Premium. In case of Group schemes the premium is paid by the trust set up by Companies. Thus If the premium under motor insurance is Rs 10,000, no claim Bonus is Rs 4000 & net premium is Rs 6000. Whether service tax is payable on gross premium of Rs 10,000/- or Rs 6000.. Similarly, in respect of Group Insurance Scheme covering employees of a Company through a separate irrevocable trust set up by the Company, the premium is charged on quarterly basis and adjustment of profit sharing is also done quarterly. Thus premium for first quarter is Rs 10 Lakhs, which is paid through irrevocable trust set up by the Company for the welfare of the Employees of the Company. The service tax in the first quarter is on premium of Rs 10 lakhs. How ever, in the second quarter, due to low no. of claims a portion of premium is refunded by way of adjustment against premium for second quarter. Thus the premium due in second quarter is also Rs 10 Lakhs. But 4 Lakhs of premium pertaining to first quarter is adjusted/ refunded by way of adjustment against premium due in second quarter. The actual amount of premium paid in second quarter is only Rs 6 Lakhs. Thus against a premium of 40 lakhs in one full year, the Trust is payng Rs 28 Lakhs of premium. Whether service tax is payable on Rs 40 Lakhs or Rs 28 Lakhs. Under what section of the service tax rules, we have to charge service tax on premium, where there is future adjustment of premium due to favourable claim experience. Whether any clarification from the Ministry are available. Please help