Taxabiity of service tax
This query is : Resolved
B GAYATHRI
(Querist)
10 September 2013
Dear Experts,
Please advise me whether we can claim service tax collected and paid as deductible expense to reduce it from income from business.
Please advise me whether we can claim service tax collected and paid as deductible expense to reduce it from income from business.
10 September 2013
service tax collected is current liability when you pay it, liability is reduced ..it can't claim as expense.
CA Suresh Jain
(Expert)
11 September 2013
If you are booking revenue (income) including service tax, you can show the service tax as expenditure. The normal treatment of service tax collected is as above suggested by CA Ms. Tarannum
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