Query on partial reverse charge mechanism

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 April 2013 i am works contract service provider at npcil tarapur under partial rev charge mechanism ....i completed service by 31/03/2013 and bill is yet to be calculated and going to take some more time.....my q is now how much srevice tax to pay and on what basis since bill finalising at technical section takes time and last date of paying is 31/03/2013 itself.....further if i wait till june to finalise bill shall i pay interest and who will reimburse the interest paid......how all this complications can be solved.....the receipent is depositing tax on the basis of work order amount and our calculation is that there will be saving of about 3lakh ...this is one more trouble coming..........pl guide

VISHRUT

VISHRUT (Expert)
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26 April 2013 Better to pay more service tax on conservative side in order to avoid interest liability.

Even if you had paid more same will get adjusted against next quarter payment or you can claim refund of the same.

CA S K MISHRA

CA S K MISHRA (Expert)
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04 May 2013 The service tax liability of service provider is 50% on the value of works contract done after availing 60% or 40% abatement as the case may be.You should deposit this sum on or before 31/03/2013, if you have recognise the same as your revenue in your books of accounts for the year ending 31/03/2013.

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