service tax on advance payment
This query is : Resolved
25 September 2010
contractor received 5% advance payment of contract value. as per advance bill. on that time rate of tax 12.36% contractor paid service tax @ 12.36% on advance payment.contractor given services leter on. when services given rate of tax was 10.30% what rate of tax of service tax is applicable on advance bill
25 September 2010
service tax is payable at the rate which is applicable at the time of provision of service.... In ur case it is 10.30%
you can adjust the excess service tax paid on the advance against future service tax payment subject to max adjustment of Rs. 100000
you can adjust the excess service tax paid on the advance against future service tax payment subject to max adjustment of Rs. 100000
26 September 2010
View of Mr Punit is correct, but kindly take care that Rs. 100,000.00 is per return period & you also need to inform concern range superintendent by giving in writing about the same adjustment.
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