Service tax on sub contract
This query is : Resolved
02 April 2016
Dear Sir,
I have a flat construction Firm named A Builders( Partnership firm) . Then I have received Rs.50 lakhs from a customer as advance. Then I have entered a sub contract with Axiom Builders ( Proprietorship) for civil work and paid advance of Rs.20 lakhs. My doubt is which amount I should pay service tax ? or I have availed any input credits ? Please help me it's urgent.
I have a flat construction Firm named A Builders( Partnership firm) . Then I have received Rs.50 lakhs from a customer as advance. Then I have entered a sub contract with Axiom Builders ( Proprietorship) for civil work and paid advance of Rs.20 lakhs. My doubt is which amount I should pay service tax ? or I have availed any input credits ? Please help me it's urgent.
02 April 2016
You have to pay 14.5% service tax on 25%/30% of 50lacs. Input credit can be availed if your subcontractor is paying service tax on 20lacs.
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