HOW TO CALCULATE SERVICE TAX
This query is : Resolved
Mr. Priyanka Jena
(Querist)
12 December 2008
HOW TO COMPUTE SERVICE TAX IN WORKS CONTRACTS WHERE THE CONTRACTORS CHARGING VA in composite scheme.
Is the below process is ok?
Say Groos amount 100
Vat 4% 4
Total 104
service tax
33% on 12.36% on 100=4.07
Net amount 112.07
Is the below process is ok?
Say Groos amount 100
Vat 4% 4
Total 104
service tax
33% on 12.36% on 100=4.07
Net amount 112.07
Himanshu Tandon
(Expert)
12 December 2008
Say Gross amount 100
Vat 4% 4
Total 104
service tax
33% on 12.36% on 100=4.07
Net amount 112.07
yes it is fine but if we calculate it under work contract service then
Say Gross amount 100
Vat 4% 4
Total 104
Less VAT as per rule tax is to be calculated on 100
service tax
100 @ 4.12% =4.12
Less Input Service Tax Credit 1
Balance tax liabilty to be paid 3.1
Vat 4% 4
Total 104
service tax
33% on 12.36% on 100=4.07
Net amount 112.07
yes it is fine but if we calculate it under work contract service then
Say Gross amount 100
Vat 4% 4
Total 104
Less VAT as per rule tax is to be calculated on 100
service tax
100 @ 4.12% =4.12
Less Input Service Tax Credit 1
Balance tax liabilty to be paid 3.1
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