Taxable value
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 August 2011
If there is abatement of 70% and tax rate is 10% and amount actually collected from customer is say Rs 200.then on what amount abatement will be available and please show the steps of calculation.
Chinmay Kamat
(Expert)
31 August 2011
Hi
There is generally a confusion in this issue of abatement, as some claim that the value of taxable service is reduced by the abatement. This is NOT TRUE.
Value remains rs 200, service tax percentage becomes 3% because of the 70% abatement
and tax payable is rs 6
There is generally a confusion in this issue of abatement, as some claim that the value of taxable service is reduced by the abatement. This is NOT TRUE.
Value remains rs 200, service tax percentage becomes 3% because of the 70% abatement
and tax payable is rs 6
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