Tax liabilities
This query is : Resolved
07 August 2010
If a am a Service Provider and make a bill of 10,000 with service tax 1030 now party paid only
1. 1000
2.2000
3.5000
What is my tax liability.
I think what is my tax liability the same would be allowe to other to take credit.
1. 1000
2.2000
3.5000
What is my tax liability.
I think what is my tax liability the same would be allowe to other to take credit.
07 August 2010
You will have to gross up the receipt and pay tax on the balance.
So if you receive Rs. 1000/- your income will be Rs. 907/- and ST payable Rs. 93/-.
So if you receive Rs. 1000/- your income will be Rs. 907/- and ST payable Rs. 93/-.
07 August 2010
And what about the credit to be taken by the payer.
07 August 2010
He will also take credit proportionately.
Message likes :
1 times
07 August 2010
Yes agreed to adityaji,
07 August 2010
Agreed... Just divide the amount received by 1.103 to arrive at your service tax liability. & credit is available only of the paid tax.
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