We are running a food court, where space is occupied by various vendors. WE collect rent from them for space occupation (not maintenance charge). Pls clarify are we service providers?? are we supposed to collect service tax from the vendors. If so, at wat rate .
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Service tax on rent/compensation collected
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YES. IF U ARE COLLECTING RENT FROM THE VENDORS U HAVE TO COLLECT SERVICE TAX UNDER THE LEASE RENT SERVICE. AND THE RATE IS 10.3%. U HAVE TO ALSO DEDUCT TDS ON THE TOTAL AMOUNT INCLUDING SERVICE TAX @ 10% IF THE AMOUNT EXCEEDS 120000/-. PER ANNUM.
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