Service tax on construction industry
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 December 2012
In case of builders (service tax )
suppose the ser tax rate is at 10% (assume no edu cess)
if I hav recd Rs 55 lac as advance against booking of flat 1 year back & now i am paying ser tax after obtainig Ser Tax No
Now later i recover ser tax from buyer of flat i.e, Rs 5 lac
cash in hand is Rs ( 55 lac - 5 lac +5 lac ) =50 lacs
So my question is shouldnt be service tax on 55 lac as after paying tax amount lying with me is 55 Lac
therefore ser tax = 55lac *10% =5.5
Difference of 50,000 ??
suppose the ser tax rate is at 10% (assume no edu cess)
if I hav recd Rs 55 lac as advance against booking of flat 1 year back & now i am paying ser tax after obtainig Ser Tax No
Now later i recover ser tax from buyer of flat i.e, Rs 5 lac
cash in hand is Rs ( 55 lac - 5 lac +5 lac ) =50 lacs
So my question is shouldnt be service tax on 55 lac as after paying tax amount lying with me is 55 Lac
therefore ser tax = 55lac *10% =5.5
Difference of 50,000 ??
07 December 2012
If you are paying service tax on Rs50.00 L, then you have to collect RS.5.00 Lacs only. Why u r collecting on 55 Lacs ?
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