Works contract service was provided by a firm to a company under partial reverse charge. Now the total WCS amount was Rs. 133000.00 & the tax was deposited as
ST Amount = 3724.00 (133000 x 40%(WCS service) x 14%(Regular ST Rate) x 50%(030/2012 ST's 9)
SBC = 133 (133000 x 0.5% (Regular SBC rate) x 40% (WCS Service) x 50% (030/2012 ST's 9)
1.Is there any mistake in deposition??
2. Is it right to put the following information in ST-3 as given below:
Amount in B1.6 (partial reverse charge)= 133000
Amount in B1.9 (Amount chagred as Deduction)=106400 (133000 x (1-50%*40%)
This makes Net taxable value 26600.00
And Then in Rate section B1.15 Taxable Rate = 14 % & SBC 0.5% (It is only this way things come in agreement with deposition, please comment if i'm right or wrong and if wrong suggest how to make new deposition & file the same in ST-3)
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