Whether service tax applicable?
This query is : Resolved
27 May 2008
firm has made an agreement naming "CONDUCTING AGREEMNT"
firm 1 has sold property to firm 2 for business purpose only,
in which firm 2 is paying to firm 1 fixed monthly amount [say more than 8.5 lac per month]
the condition is that either pay this fixed amount or fixed percentage of sale [say 5% of sale]
that means either fixed amount of rs. 8.5 lac or 5% of sales whichever is higher.
that fixed amount is called conducting fees.
My question is whether service tax is liable? payable?
if yes then under which category?
firm 1 has sold property to firm 2 for business purpose only,
in which firm 2 is paying to firm 1 fixed monthly amount [say more than 8.5 lac per month]
the condition is that either pay this fixed amount or fixed percentage of sale [say 5% of sale]
that means either fixed amount of rs. 8.5 lac or 5% of sales whichever is higher.
that fixed amount is called conducting fees.
My question is whether service tax is liable? payable?
if yes then under which category?
27 May 2008
you are given property on lease but aggrement is different you are liable to service tax if gross receipt is greater than rs 10 lakhs
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