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St on share of profit of partners
Hi,
We have an event management company. Most of the time we are associated with any organization and organize the event.
I have a query ,when we are calculate the share of profit to the partners has service tax is applicable on that share of profit amount?
For example :- suppose share of profit is Rs.100 for both the partners.
So partner "A" should raise the invoice with service tax to partner "B" "(my company)
net 100
ST 15
Total 115
or partner "A" should raise only Rs.100/- invoice of profit.
Please let me know ASAP it's urgent.
Replies (1)
If your company received the entire Amount for the Service. it would be better that company A raises an invoice to Company B with Service Tax.
Company B to invoice to the customer for the whole of the Amount of Service Provided.
Company B can claim the Service Tax credit on the bills recieved from Company A.
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