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service tax rate

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(Querist)
17 March 2009 Sir, If we have received tha amount from the party @ 12.36% as service tax can we deposit 10.30% as service tax to the tax deptt and show balance amount in service tax creditors/in misc receipt of the party.
Further tell me also that if party has given advance payment to us @12.36 % . then what to do.
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CA LOKESH KASAT, FCA, M.Com

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CA LOKESH KASAT, FCA, M.Com (Expert)
17 March 2009 Dear Anita,

Any excess collected should be refunded or deposited to ST Dept.

In your case, you can't do so.

and for advance payment deposit the ST collected to the Dept.
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anita

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anita (Querist)
17 March 2009 thanks

anita
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