Written of service tax
This query is : Resolved
mehul kishnani
(Querist)
16 March 2008
my client got payment for services only and his customer refuses to give service tax to him. so he had reversed the entry for service tax.. is it valid?
16 March 2008
The actual amount received is deemed to be inclusive of ST. that's why, u have to pay the tax collected to the govt. In my opinion,ur client shall not reverse the entry of ST
17 March 2008
THE ACTUAL AMOUNT RECEIVED SHALL BE DEEMED TO BE RECEIVED INCLUSIVE OF ST
mehul kishnani
(Querist)
24 March 2008
but he made reverse entry, should i rectify the same? Is he liable to pay penalty? What amount for revenue recognise is recognise?
Chintan Gajjar
(Expert)
24 March 2008
It is not valid. As the party has refused to give Service Tax and paid only Service charges then such amount received will be treated as inclusive of Service Tax and revised bill can be issued to him. If service provider failed to do so then he has to bear the amount of service tax i.e. he has to pay out of his pocket.
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