collection of excess tax
This query is : Resolved
29 April 2010
My client collectiong 12% service tax from mhis clients and showing in his books as 10% and paying to govt 10% and remaining 2% adding to professional charges means showing as revenue.
ex:collecting fees as
professional charges 50000
service tax 12% 6000
But showing in books as
professional charges 50500
service tax 10% 5500
And paying to govt Rs.5500 can he do like this. is it valid as per law
ex:collecting fees as
professional charges 50000
service tax 12% 6000
But showing in books as
professional charges 50500
service tax 10% 5500
And paying to govt Rs.5500 can he do like this. is it valid as per law
CA. B.SRINIVASULU
(Expert)
29 April 2010
He cannot do like this. It is very dangerous for him. Tommorow he has to repay with heavy interest and penatly. He cannot collect more and even if he collects be mistake the same has to be remitted to the government or returned to the client.
CMA Ramesh Krishnan
(Expert)
29 April 2010
It is big trouble to your client in future. Since the actual rate of ST is 10.3% you cannot charge more than that and also paying to the Govt Only 10 %. please ask them to pay with interst for avoiding penalty and other consequnces
Shyam Lal Naik
(Expert)
30 April 2010
Excess Tax collected shall be remitted to the Government forthwith in terms of Section 73A of Chapted V of Finance Act, 1994.
CA Ashok Kumar Sahu
(Expert)
30 April 2010
AGREE WITH EXPERT
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