A works contractor ( an indivudual) raised bills of Rs 48 lakhs and received payment of Rs 40 lakhs in the first year of his business.How the theshold exemption and service tax will e calculated.
Menu
Calculation
Replies (4)
works contract has 30% abatement so on 48 lacs *70%=3360000
on that service tax and cess 15% be applied which comes to Rs 504000
But there is SSP exemption and aaggregate value of taxable service is less than 50 lakhs so will he not pay on receipt basis ie on Rs 40lakhs . How SSP and abatement will be claculated the.
SSP will not be available to an assesse who pays service tax which are covered by Reverse charge mechanism let experts reply on the same
He is service provider so he will get SSP. receipt basis means that he will pay ST on amount received or he will pay on bills raised by the dates when amount is received. Will ST be calculated on Rs 40 lakhs.
Recent Threads
- Foreign Dividend earn
- TDS on Salary deducted but not paid by the employe
- GST INVOICE NOT SHOWN IN GSTR 1
- Turnover in AIS summary
- How to treat unutilised capital gain account schem
- What to do / how to handle about Capital receipt s
- How to show SGB interest in iTR
- How to file income tax return of ATM franchisee bu
- ITR Filing in case of deceased person
- Stuck with Schedule FSI in ITR 3
Related Threads
CAclubindia
