Service tax on rent
This query is : Resolved
26 November 2016
I PAY SERVICE TAX ON RENT PAID AND RECEIVE SERVICE TAX ON RENT RECEIVED TO BE DEPOSITED TO GOVT.
CAN THESE BOTH BE SET OFF WITH EACH OTHER OR DO I HAVE TO PAY BOTH TO GOVT. ?
CAN THESE BOTH BE SET OFF WITH EACH OTHER OR DO I HAVE TO PAY BOTH TO GOVT. ?
26 November 2016
Yes you can adjust input of service tax paid on rent against service tax payable on rent received
VK
Message likes :
1 times
29 November 2016
No no, u can claim ITC on service tax on rent paid by u. Example:-
U paid rent of Rs. Say 10,000/-, and ST paid by u is 1500, total amount 11,500/- (1450 is ur Cenvat Credit u can claim with output Service Tax)
U collect Rent Rs. 1,00,000/-, and ST collected is 15000/- (15,000,is ur output tax to be paid to dept.).
So the final amount u r going to pay to Govt. Account is (15,000 - 1450 = 13550/-)
Note: Here one thing keep in mind that U can't claim credit of Swachh Bharat Cess with ur ST liability, thats y the amount is 1450. ST- 1400, SBC- 50 and KKC- 50.
U paid rent of Rs. Say 10,000/-, and ST paid by u is 1500, total amount 11,500/- (1450 is ur Cenvat Credit u can claim with output Service Tax)
U collect Rent Rs. 1,00,000/-, and ST collected is 15000/- (15,000,is ur output tax to be paid to dept.).
So the final amount u r going to pay to Govt. Account is (15,000 - 1450 = 13550/-)
Note: Here one thing keep in mind that U can't claim credit of Swachh Bharat Cess with ur ST liability, thats y the amount is 1450. ST- 1400, SBC- 50 and KKC- 50.
Message likes :
1 times
30 November 2016
Dear Sandeep Sir. Thanks very much for your guidance.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- SFT Cash Deposit in Current Account
- Annual return in Gst
- Regarding TDS Applicability For Director Remuneration
- Requirement of tax deduction at source by individual
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
