Rent on immovable property property tax claiming
This query is : Resolved
01 August 2012
service tax liability for the first quarter is 73780/-. we failed to pay service tax with in the due date. my question is i have paid property tax of 76000/- on 31.07.2012 for the first quarter. can i claim property tax now and need not pay service tax??
VIPUL SHAH
(Expert)
03 August 2012
Fisrt property tax needs to be reduced from service income and not from S.T.Liability
Second in case you have collected / charged service tax on full value, then you will have to pay full
Formula for charging S.T.is
Gross amt less property tax paid = net amount * S.T.rate
Second in case you have collected / charged service tax on full value, then you will have to pay full
Formula for charging S.T.is
Gross amt less property tax paid = net amount * S.T.rate
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