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.
B R Ramesh
(Expert)
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.
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CA.Madhusudan B.P.
(Expert)
20 November 2010
To avoid service tax problems in future, it is better to maintain separate books of account for two business.
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