On liquidity damage
This query is : Resolved
08 July 2013
Is Service Tax is charged on LD under contract.Invoice amt rs 100 +4.944 total Rs 104.944 . But there is LD @10% deducted by service Receiver .So they deducted LD from Invoice value .Kindly help me that how munch service tax is paid by Us.
And also LD regarding Service Tax Issue also elaborate.
And also LD regarding Service Tax Issue also elaborate.
Pradeep Nainawati
(Expert)
08 July 2013
If the service recipient is deducting 10% as liquidity damage then too you have to pay tax on full amount
But u can issue a credit note to service recipient and can take credit of the same in subsequent period. For further reference pls see Rule 6(3) of Service tax Rules 1994
But u can issue a credit note to service recipient and can take credit of the same in subsequent period. For further reference pls see Rule 6(3) of Service tax Rules 1994
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