what kind of tax liable on f&b income?
yogesh
(student)
(223 Points)
Replied 03 November 2011
ON FOOD AND BEVERAGES INCOME TWO TYPES OF TAXES ARE IMPOSED
1. VAT @ 12.5%
2. SERVICE TAX @ 10.3%
IN CASE OF RESTAURANTS, PUBS OR BARS VAT IS LEVIED ON 70% PORTION OF BILLING AMOUNT AND SERVICE TAX IS LEVIED ON 30% PORTION OF BILL.
IN CASE OF BANQUETS HALL AND OTHERS VAT IS ON 60% PORTION AND SERVICE TAX IS ON 40% PORTION.
yogesh
(student)
(223 Points)
Replied 05 November 2011
ya i m sure... coz i do job in this industry...
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