Answer / vpnarasimhan@gmail.com

First of all we should find out are we really eligible for
such credits. If so, what ever Service Tax we have paid in
out payments viz., on Telephone Bils, Credit Carsd Bills,
Tourist cab bills etc., i.e wherever/whatever servicetax
paid by us bills should be taken carefully.
Steps: aa) Take xerod copies of all the bills.
bb) ascertain the amounts and total for the
expenses viz., service tax charged in that bill & paid to
the vendor.
cc) its better to aopen an excel sheet and fill &
update all the bills' data on service tax.
dd) sum up and assign the total for the period say
for that particular month.
Second Stage: Suppose your Service Tax due is Rs: 23585/-
for a partifular month and you have paid service tax for
the services you have enjoyed - thro' vendor's bill and the
total is as per statement (dd) is say Rs : 3585/- You may
remit Rs: 20,000 (net) But you have to keep the xerox
copies of the bill which is required at the time of
scrutiny/assessment. But you can send a details statement
(excel sheet) at the time of monthly return.
Most important thing : while accounting the above you
should not book the entire expense since you are going to
enjoy the input credit of service taqx expenses treatment
should be given accordingly other wise it will affect P & L

Answer / jayaseelan.e

First of all we should find out are we really eligible for
such credits. If so, what ever Service Tax we have paid in
out payments viz., on Telephone Bils, Credit Carsd Bills,
Tourist cab bills etc., i.e wherever/whatever servicetax
paid by us bills should be taken carefully.
Steps: aa) Take xerod copies of all the bills.
bb) ascertain the amounts and total for the
expenses viz., service tax charged in that bill & paid to
the vendor.
cc) its better to aopen an excel sheet and fill &
update all the bills' data on service tax.
dd) sum up and assign the total for the period say
for that particular month.
Second Stage: Suppose your Service Tax due is Rs: 23585/-
for a partifular month and you have paid service tax for
the services you have enjoyed - thro' vendor's bill and the
total is as per statement (dd) is say Rs : 3585/- You may
remit Rs: 20,000 (net) But you have to keep the xerox
copies of the bill which is required at the time of
scrutiny/assessment. But you can send a details statement
(excel sheet) at the time of monthly return

Answer / ramesh.r

SERVICE TAX CREDIT MEANS THE INPUT SERVICE TAX I.E THE TAX
WHICH WE HAVE PAID ON HOUSE KEEPING BILLS, TELEPHONE
BILLS,CREDIT CARD BILLS,SECURITY BILLS,laundry ETC.,

PAYMENT FOR THE ABOVE BILLS WE WILL GET IN PUT SERVICE TAX
RAISING SERVICE BILLS TO CUSTOMER WE WILL GET OUTPUT
SERVICE TAX

OUT PUT SERVICE TAX - INPUT SERVICE TAX = SERVICE TAX
PAYABLE

INPUT TAX ON EXCISE CAN ALSO BE TREATED AS INPUT SERVICE
TAX CREDIT AS PER SERVICE TAX ACT.

Answer / vimalkrbharti

yes or no

what is the Difference between Compound Sales and Deemed Sales?

0 Answers  

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is WCT applicable one time? and what will be rate of WCT in UP State?

0 Answers   Afcons, Vikas,

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due date for issue of C form, if c form is not issue what will be the consequences

0 Answers  

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what is the exact meaning of cst? what is its usage and what are the benefits of c form?

6 Answers   STR Tools,

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Can any one clearly difine what is Works Contract with suitable exemple

2 Answers  

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Is there any change in the section 80DD for the financial year 2009-10

0 Answers  

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What is Deferred tax??

2 Answers   QX Limited,

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we trf goods to our consignment against 'F' form in meerut and he returned some goods back to us plz. tell me should we have to issue a F form to them

1 Answers  

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What is WCT? On Which it is calculated?pleasegive any example.

1 Answers  

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What qualification require for become a tax consultant ? what the future in this..???

0 Answers  

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Please expain TDS like return time or % of rate and how to calculte. All Details regarding to TDS.

1 Answers  

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Need of Bank Reconciliation to a company

0 Answers   Satyam,

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