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Service tax & tds
Dear friends,
My company has hired heavy vehicles for internal Material handling purpose on fixed monthly rent under a contract. At present Tds is being deducted u/s 194C & ST is being levied on reverse charge mechanism on 100% of the bill value. The entire ST being charged in the name of the company. Is the TDS & ST treatment correct?
Replies (4)
If ST is 100% , it means abatement is taken.
It's correct.
Yes, your concept in right way but a little bit observation non-availement of N/F of GTA. Various Notification regard GTA services.
Before nonavailement N/F (Notification)
i.e = Ass. Val. 100.00 *12.36% = 12.36
After availed N/F
100-(25% N/F) = 25 = 100-25= 75 of 12.36%= 9.27
Diff. amt. 12.36-9.27 = 3.09
Hope you understand
Is sec 194i not applicable.
Sec.194I doesn't attract.Please Read the Section 194-I carefully, not libreally, as libreal interpretation may lead to absurd result.Please Don't misunderstand it.It is a guide to interpretate law, so that u can become a good interpretator
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