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
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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