Value Service Tax Payable

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bhoop (Querist)
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29 April 2010 Dear All

We had provided a service to a Japanese MNC in India and raised a Service Invoice in USD to Japan Head office with Charged Service Tax @10.3. now we have received payment from Japan in excess due to rate conversion. So please clarfy that service tax payable is actual charged or actual received if it is actual received so what entry is made for this.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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29 April 2010 I think service tax is not liable for an export service. So service tax should not have been charged.

Since the amount has been received then the actual amount of service tax received has to be paid and difference in service tax account will be adjusted in foreign exchange fluctuation account.

bhoop

bhoop (Querist)
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29 April 2010 But we provide service in India and only Billing to Japan Head Office. So in this case is service tax not applicable.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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29 April 2010 service tax applicable in that case as service provided in India.

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