Definiition of "Rebate"
This query is : Resolved
25 October 2009
Can any of the friends explain the difference between "Rebate" and "consideration". The Service Tax Department in a case has issued SCN as to why service tax should not be levied on "Rebate" received from the Government. The STD "presumes" that the rebate is given by the Government department as a "consideration" for unspecified "services" for which there is no proof/evidence documentary or otherwise.
S. Krishnamoorthy
S. Krishnamoorthy
25 October 2009
Rebat:
1. A discount offered on the price of a good or service, often one that is paid back to the payer, e.g. a tax rebate is a refund to the taxpayer.
2. A discount allowed on a bill of exchange that is paid before it matures.
Consideration:
general principle that the tax is only payable upon receipt of consideration for the services so rendered
1. A discount offered on the price of a good or service, often one that is paid back to the payer, e.g. a tax rebate is a refund to the taxpayer.
2. A discount allowed on a bill of exchange that is paid before it matures.
Consideration:
general principle that the tax is only payable upon receipt of consideration for the services so rendered
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