Service Tax on surplus amout from auction proceeds
This query is : Resolved
20 October 2009
A company X providing warehousing Services at a Custom Bonded godowns.In case of Custom seized cargo which is auctioned later on under the direction of Custom and out of the Sale proceeds after paying the amount of auction expenses, Custom Duty, to custom,shipper claim if any, the X company recovered its storage charges till the date of auction and paid the Service Tax on this Storage charges.
The query is that if still some surplus amount is balance out of the auction proceeds, Company X is liable to pay service tax on this surplus amount or not,Company X show this surplus amount under the head sundry payables for three years and after 3 years account for this amount as Misce Receipt.
The query is that if still some surplus amount is balance out of the auction proceeds, Company X is liable to pay service tax on this surplus amount or not,Company X show this surplus amount under the head sundry payables for three years and after 3 years account for this amount as Misce Receipt.
21 October 2009
While transfering the amount to miscl. receipt, you can pay small portion of it as Service Tax easily and happily .
Yes, Service Tax will attract on the book entry mentioned by you.
Yes, Service Tax will attract on the book entry mentioned by you.
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