Service tax and MVAT on software
This query is : Resolved
Prabhunath Sharma
(Querist)
19 January 2010
Dear Experts,
Please let me inform about account treatment of an invoice contains both MVAT & Service tax. And please advice me how to treat the same in MVAT Return.
Thanks & Warm Regards,
Prabhu
Please let me inform me on email ID Prabhunath_sharma@yahoo.com
Please let me inform about account treatment of an invoice contains both MVAT & Service tax. And please advice me how to treat the same in MVAT Return.
Thanks & Warm Regards,
Prabhu
Please let me inform me on email ID Prabhunath_sharma@yahoo.com
CA Deepak P. Agrawal
(Expert)
20 January 2010
Service tax will be levied only on the service charges portion of the invoice. Similarly VAT will be charged only on the goods portion of the invoice. So take Dr the Service tax and VAT set off receivable accounts by respective tax amount.
In the VAT return you have to show the amount on which VAT is charged as your purchases. And amount including service tax under the head expenses/ther allowable deductions.
Regards
In the VAT return you have to show the amount on which VAT is charged as your purchases. And amount including service tax under the head expenses/ther allowable deductions.
Regards
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