Service Tax & VAT both applicable to one entity
This query is : Resolved
20 November 2010
My client is in trading of ceramics as well as a clearing & forwarding agent.
For trading business,VAT tax is applicable & for clearing & forwarding agent service tax is applicable.
should there be seperate entities so that the books of accounts are clear for respective businesses as well as it will help in assessment of the same?
Please advise.
For trading business,VAT tax is applicable & for clearing & forwarding agent service tax is applicable.
should there be seperate entities so that the books of accounts are clear for respective businesses as well as it will help in assessment of the same?
Please advise.
20 November 2010
Hi
the seprate entity is not required .
when you are rising the invoice better you maintain the sepreate inv no for service as well as trading so that there is no confusion when you are doing VAT/service txa assessement.
only you have to do is VAT/ serice tax regsiter maintaine seprately.
the seprate entity is not required .
when you are rising the invoice better you maintain the sepreate inv no for service as well as trading so that there is no confusion when you are doing VAT/service txa assessement.
only you have to do is VAT/ serice tax regsiter maintaine seprately.
Message likes :
1 times
20 November 2010
To avoid service tax problems in future, it is better to maintain separate books of account for two business.
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
- Post Office RD Interest
- Itr 1 processing
- Reporting Income under Section 44ADA
- Building and other construction workers welfare cess act 1996
- Bank Accounts in Balance Sheet for ITR 3
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- Annual return of gst limit
- TDS ON CASH WITHDRAWALS...
- Article ship defecit
- GST collection on rent receipts
- Eway bill for machinery reparing
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
