Dear Friends,
We are service provider under construction of services and opted composition scheme in Service tax and VAT payment. I have a query on how to calculate the back calculations to arrive the taxable value for Service tax and VAT.
Net amount received from customer(which includes vat and service tax) : Rs.1,00,000/-
What is taxable value for Service tax payment?
What is taxable value for VAT payment?
Please give example ...
Thanks & Regards
Ramesh
hi
u can calculate the amount by using this:
Net amount*100/Rate of tax+100
ie: 100000*100/110.3=90,662/- is the taxable value of services
and 9338/- is service tax amount which u need to be deposited by the due date.
Correct me if i m wrong plz!
Please confirm any one which is correct calculation.
| Option 1 | |
| Back calculation for payment of Service Tax | |
| Net Receipt | 100000 |
| Which includes 2.575% of Service tax and 1% Vat | 96548.39 |
| Basic Value | 96548.39 |
| Abetment 75% | 72411.3 |
| Taxable Value | 24137.1 |
| Tax @ 10.3% | 2486.121 |
| Back calculation for payment of VAT | |
| Net Receipt | 100000 |
| Which includes 2.575% of Service tax and 1% Vat | 96548.39 |
| Basic Value | 96548.39 |
| Abetment 75% | 72411.3 |
| Taxable Value | 24137.1 |
| Tax @ 4% | 965.4839 |
| Option 2 | |
| Back calculation for payment of Service Tax | |
| Net Receipt | 100000 |
| Which includes 2.575% of Service | 97489.64 |
| Basic Value | 97489.64 |
| Abetment 75% | 73117.23 |
| Taxable Value | 24372.41 |
| Tax @ 10.3% | 2510.358 |
| Back calculation for payment of VAT | |
| Net Receipt | 100000 |
| Which includes 1% Vat | 99009.9 |
| Basic Value | 99009.9 |
| Abetment 75% | 74257.43 |
| Taxable Value | 24752.48 |
| Tax @ 4% | 990.099 |
| Option 3 | |
| Back calculation for payment of Service Tax | |
| Net Recept | 96524 |
| Abetment 75% | 72393.3 |
| Taxable Amt - Bal 25% | 24131 |
| Service Tax @ 10.3% | 2486 |
| Taxable Value for VAT | 99010 |
| Vat 1% on Gross Value | 990 |
| Gross Receipt | 100000 |
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CAclubindia
