Treatment of st
This query is : Resolved
02 August 2010
Mr. provide taxable service of rs. 1 lacs to mr b
Mr. b in consideration provide
Rs.50000 + for next Rs.50000 (singapore trip)
what is the ST payable on 1 lacs or 50 thousand ?
What will be the treatment of the trips ?
Mr. provide taxable service of rs. 1 lacs to mr b
Mr. b in consideration provide
Rs.50000 + for next Rs.50000 (singapore trip)
what is the ST payable on 1 lacs or 50 thousand ?
What will be the treatment of the trips ?
Aditya Maheshwari
(Expert)
02 August 2010
Service Tax (Determination of Value) Rules, 2006
Rule 3. Manner of determination of value.– Subject to the provisions of section 67, the value of taxable service, where the consideration received is not wholly or partly consisting of money, shall be determined by the service provider in the following manner:–
(a) the value of such taxable service shall be equivalent to the gross amount charged by the service provider to provide similar service to any other person in the ordinary course of trade and the gross amount charged is the sole consideration;
(b) where the value cannot be determined in accordance with clause (a), the service provider shall determine the equivalent money value of such consideration which shall, in no case be less than the cost of provision of such taxable service.
So service tax leviable on entire Rs. 1 lacs.
Rule 3. Manner of determination of value.– Subject to the provisions of section 67, the value of taxable service, where the consideration received is not wholly or partly consisting of money, shall be determined by the service provider in the following manner:–
(a) the value of such taxable service shall be equivalent to the gross amount charged by the service provider to provide similar service to any other person in the ordinary course of trade and the gross amount charged is the sole consideration;
(b) where the value cannot be determined in accordance with clause (a), the service provider shall determine the equivalent money value of such consideration which shall, in no case be less than the cost of provision of such taxable service.
So service tax leviable on entire Rs. 1 lacs.
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