For an net amount of Rs.750 after imposing the service tax of 14.9% and VAT of 5.5% how much would be the net amount.How much service tax can generally be imposed in restaurants.Kindly clarify me the same.
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Regarding service tax and vat
Replies (2)
As per rule 2c of STVR 2006 ,value of service will be 40% of Gross amt charged from customers and service tax shall be 14%(wef 1.07.2015)
as per Exemption notification 25/2012 service of restaurent will be exempt if it does not have air conditioned facility
Net amount of Rs.750/- plus 14% on 40% i.e Rs. 750+42=792 + VAT @ 5% i.e.43.60 Gross amount wuld be 835.60
Raksh*t
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Service Tax
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