Hi all,
if we incur the service component in the product, shall i issue separate invoice for VAT & Service tax? For example the product value is Rs. 10,000/- which include the installation, delivery, warranty, freight etc. So is it possible to bifurcate the total value interms of vat @ 14.5% for Rs. 7000/- and service tax @ 12.36% for Rs. 3000/-?
Pl suggest.
rgds
sakthi
If the service portion and VAT portion is identifiable then applying TAX Rates as said by you is correct.
In fact in such case raise 2 separate invoice. One for VAT and other for Service tax.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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