Service tax

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This query is : Resolved

m.venkatraj (Querist)

31 July 2010 When we collected some advance amount in respect of vat tax turnover proportionately it effects service tax, how much amount we have to pay

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

31 July 2010 Calculate the proportionate taxable value based on the service and scheme opted and pay the service tax

Aditya Maheshwari

Aditya Maheshwari (Expert)

31 July 2010 Gross up the value received inclusive of VAT & Service tax and pay whatever amount u get for service tax part in it.

CA.RAJIV SHUKLA FCA

CA.RAJIV SHUKLA FCA (Expert)

31 July 2010 Pls Reverse calculate Vat & Service Tax on Avance Received and pay service Tax and keep the proper recrod of the same that to be adjsuted with RA Bill or Bills raised after the completion of the services.

If Amount received Rs.45941.00 add the tds on it as 1% or 2% therafter add Vat as applicable in the state then arrived Gross Taxable Value for Service Tax.
Rs.45941*100/98 =938 added with 45941=46879
Rs.46879*80%*12.5%= Rs.4134 added in 46879
Rs.46879 is TV on which 10.30% shall be charged

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