Interested to Buy Any Domain ? << Click Here >> for more details...
how to credit available on service tax explaine procedure?
- 4 Answers
- 10858 Views
- Visa Steel, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
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
| Is This Answer Correct ? | 20 Yes | 3 No |
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
| Is This Answer Correct ? | 4 Yes | 0 No |
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.
| Is This Answer Correct ? | 4 Yes | 2 No |
what is the amount of t.d.s if one get 4000/- monthly from a company on behalf of consultancy charges.
what is the rate of tax, when goos purchased from outside the state without way bill
One c form issued by the ETO was found misplaced.Kindly advise the procedure for reissuing .
how many form 38(Road permit) can issue in one month or in one time
I am about to enroll for Oracle Apps Financial with Iapps in pune, (without the certification of Oracle, as it is very expensive). Looking for a suggestion on the same, Also, how far is this course wld be beneficial to a candidate of commerce background (BBA graduate and an MBA in Finance) Also, the opportunities lying ahead int his field. Thanks.
what is direct incom
What is the accounting entry to be posted for TDS if the assess is Firm (or) Company (or) Proprietorship (or) Individual? eg: I (CDE & Co) paid Rs. 1,00,000/- through ICICI Bank after deducting 10% of the amount (Rs. 10,000/-) as TDS (Tax Deducted as Source) to “ABC & Co” (What entry should i pass in "CDE & Co" and "ABC & Co")
Define the 'Input Tax' in respect of Service Tax Act. What type of Input tax can be taken for the credit of tax payble?
how many type of tax form used for sales tax, vat,service tax, excise duty & other tax ? what is the theory of all type of taxes applied in india ?
when we reqiure C form from Party?
Sir among the answers given by different persons, different answers are posted for the same question? regarding calculation of ESI & PF calculation whether on Basic or Gross salary? could u suggest the exact answer from the expert Pls.
DEFINATION OF LABOUR ACT?
Audit 
