Tax liabilities

This query is : Resolved

Kapil Jain (Querist)
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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.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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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/-.

Kapil Jain

Kapil Jain (Querist)
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07 August 2010 And what about the credit to be taken by the payer.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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07 August 2010 He will also take credit proportionately.

Message likes : 1 times

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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07 August 2010 Yes agreed to adityaji,

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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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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