HOW SERVICE TAX IS CALCULTED ON CONSOLIDATED RECEIPTS????
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SERVICE TAX ON CONSOLIDATED RECEIPTS??????????
Replies (3)
The amount should be treated as CUM-TAX and taxable value should be arrived. The taxable value and tax amount should be equal to the amount received.
can anyone explain in depth it as I am still confused abt the same.
The ampunt received is cum tax amount.
Say you received 100 Rs. It includes 12.36% service tax. The value of service is "V".
Therefore,
V plus 12.36% of V is equal to 100. Solve for V.
100-V is the service tax payable.
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