Need to clear the calculation of vat & st

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J P SINGH (Querist)
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24 October 2013 dear expert plz help me on the following points st & vat calculation for bills can dual service tax be calculate on bill 1 st on gross 2 st on vat or vice versa plz suggest me....

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
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24 October 2013 VAT is to be calculated on the material part(+ profit)and ST is to be calculated on the service value/charges. If these can not be identified in each bill accurately,as per the prevailing rules and practice 70% and 30% of the total invoice amount can be taken as material and sevice charges amounts.If under composition scheme,no vat can be collected but ST can be collected on the whole amount @ 4.12%. ..mjk

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