Service TAx on GTO

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Pankaj kejriwal (Querist)
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29 July 2009 I want get clear that service tax is payable on which amount is it gross amount or net amount after deduction of any kind of loss to the transporter

Example :- Transporter A Billed Rs 1000 freight to Company B and aftre taking delivery of goods it found that some goods damage we paid transporter Rs950 after deducting the Rs 50 for damage hence the tax payable on rs 1000 or Rs 50 and what the percentage. if it is on Rs 950 than for Service tax audit purpose what are the documents we have to maintain.

Shyam Lal Naik

Shyam Lal Naik (Expert)
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29 July 2009 The correct catagory id GTA(Goods Transport Agency)

Service tax is charged on cash basis.

Tax will be calculated on receipt amount and not on billed amount.

An abetment of 75% in value is available. In the example the taxable value will be 950.00 X 25% = 237.50.

Tax @ 10.30% = 24.00

If you can obtain debit note / Credit note, it will serve the purpose of audit.

Accounts confirmation from service providers / service receiver will be helpful.

You may keep in view the exemption available to samll consignments as well.

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