Laibility of service tax under works contract
This query is : Resolved
29 June 2015
i am an individual providing works contract service of Rs.2050000 to a company in the year 2014-2015.
kindly tell me wether i would be liable to pay service tax...
kindly tell me wether i would be liable to pay service tax...
29 June 2015
1. 50% of the service tax is payable by you and the remaining 50% is payable by the 'company'
2. Service tax rate is 5.60% (for original works) and 9.80% (for other works) on the works contract value. Please see notification 11/2014 ST.
3. If it is the first year Rs. 10 lac can be claimed as exempted turnover.
2. Service tax rate is 5.60% (for original works) and 9.80% (for other works) on the works contract value. Please see notification 11/2014 ST.
3. If it is the first year Rs. 10 lac can be claimed as exempted turnover.
29 June 2015
The applicable rate for service tax on Works Contract are:
5.6% on original works and,
9.8% on other works as rightly said by Mr. Warrier.
You are liable to pay 50% of the total applicable service tax PROVIDED the service receiver is a "company".
Otherwise, the whole of the tax liability to be discharged by you only.
5.6% on original works and,
9.8% on other works as rightly said by Mr. Warrier.
You are liable to pay 50% of the total applicable service tax PROVIDED the service receiver is a "company".
Otherwise, the whole of the tax liability to be discharged by you only.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- FORM 26A APPLICABILITY
- Value of property in capital gain
- SFT Cash Deposit in Current Account
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
