Being a Real Estate developer and we deals in selling residential flats to our clients.
Payment are made due to customers as per opted payment plans in several instalments.
And we receive payments against the due instalments.

Below mentioned is the accounting treatment of service tax adopted by us for charging amount of Instalment form our customer.

Jan 2011
Say, at the time, due instalment is 10%:
Dr. Customer a/c (under Sundry Debtor group) Rs.110.30

Cr. Booking Amount a/c (under Direct Income group) Rs. 100.00
Cr. Service tax payable (under Duties & taxes) Rs. 10.30

Jan 2011
At the time of receiving of Payment:
e.g. customer pays 5%
Bank A/c Dr Rs. 50
Customer A/c Cr Rs. 50

Feb 2011
At the time of receiving of Payment:
e.g. customer pays 5%
Bank A/c Dr Rs. 60.30
Customer A/c Cr Rs. 60.30

Please advise
• If above txn’s are the correct way to be followed as per Service Tax Rules and accounting norms.
• When is the Service Tax Liability due
(A) Jan Rs. 10.30 (full at the time of instalment made due)
Or
(B) Jan Rs. 50 / 1.103 * .103 & Feb Rs. 60.30 / 1.103 * .103 (proportionately based on the realisations)
Or
(C) Feb Rs. 10.30 (as per actual realisation of the service tax)

Hello Friends, one my my client hav a partnership firm incorporated in F.Y. 2010-2011. Now in this financial year they raised invoices of Rs. 10.50 Lacs till date. i want to know the process of service tax. what is the full process of service tax application. whether they have to pay service tax on full amount from april to march 2011 or only difference amount means Total Ternover minus 10 Lakhs. if on difference amout than how we can recover the amount from our customers.

Thanks

Dear Sir,

I am going to book a flat which is under construction. I need to pay some down payment at present and balance in the installments. Do i need to pay service tax on this transction?
If yes please guide me ragarding on which amount i need to pay s.tax (on down payment/full payment) and at which rate?
And please also guide me that under which service my transction falls?

Please reply me at your earliest.

I need your help.

Thx

Is service tax applicable on branded showrooms, where only expenses of employees are reimbursed by the Franchisor and no managerial expertise is provided to Franchisee?

good morning to all expert,
can anyone tell me that my servuce tax for the month of fev"2011.
is 500 excees paid . now plz tell me how can i adjust it

1) MR. X IS GIVING CLIENTS TO MR. Y (WHO OWNS SERVICE APARTMENTS. AT THE MONTH END MR. Y GETS THE FULL PAYMENT AND MR. X GETS HIS COMMISSION FOR GIVING MR. Y CLIENTS. WHETHER SERVICE TAX WILL APPLY ON SUCH COMMISSION IN THE CASE OF MR. X?

2) AND MR. X WANTS TO FILE AN INCOME TAX RETURN FOR THIS YEAR BY SHOWING SUCH COMMISSION INCOME. IS IT NECESSARY TO ALSO PREPARE A BALANCE SHEET?

Hi All,

As per my knowledge if the same assessee provides more than one taxable service, Rule 4(4) stipulates that a single application will suffice, mentioning therein all the taxable services in Col. 4 of From ST-1, all the taxable services must be entered.

My questions are:-

What are the penalties in case assessee does not mention all taxable services in ST-1?

How can assessee get the other services included at later stage?

What if the assessee has not registered for that services but charges and deposits the service tax?

What if the assessee has registered for a service but at a later stage not providing that service?

Hello!

Can any one clarify whether the service tax is applicable on infrastructure development of sports for Government Agencies? If yes please give the head under which it comes.

Hi friends, i want to share something which actually happens in our practical training...i am little confused about the Treatment of discount on service tax....plz help me out to resolved the following query.

As per recent addition in Services under the ambit of service tax .Services provided by the hospital in relation to treatment of patients on behalf of Companies to their employees & similarly payment made by life Insurance companies Under mediclaim & other services to their customers.
Our client (Hospital) generally charge the service Tax on the whole amount of Invoice, But as per the terms & agreement with the Insurance Companies considering the present competition 40-50% discount is allowed to them.....hence the payment received....in relation to the above services is half of the actual amount charged.....so what treatment should be Made for the balance payment......which is never receivable......at present whe are paying the tax on the actual amount received..........should we continue with the same.....??

Thanks in Advance.

Hi all,

I have a query on service tax registration number.

Can we find out the service under which an assessee got registered under service tax using his service tax regisration nmber