how to credit available on service tax explaine procedure?
- 4 Answers
- 9615 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 |
how can we calculate tds? how the return prepare & file?
1 Answers Odisha Gramya Bank OGB,
what is tds ?
Company should deduct TDS or not if Company is paying the amount directly to the Sub-Contractor by Debiting the A/c of Contractor and Crediting the A/c of Sub-Contractor ?? Rate??
what is the procedure for Delhi WCT payment , we have a registered office at mumbai and we have a branch at delhi for that renovation we have deducted WCT ,we have ur VAT and CST no for delhi branch do we need have additional registration for this payment
What is means by Central Excise ? How to calculate Central Excise ? Central Excise form No. is ?
If a supplier of goods is also a Contractor doing labour work, then is it necessary to collect separate bills one for material & the other for labour? or else tell me what is to be doen?
my baisc salary is 8000 , DA 1000, con 1000, HRA 2500, Med 1500, Incentive 1000, LTA 2000 and other allowance
What do you mean by Commercial Tax?
when we calculate the inclusive Tax for Room in Hotel then we first Calculate luxury Tax and the what is the Balance Amount renaming on that We calculating Service Tax is it correct?
Can individual deduct his expences from his income at the time of his returns? Any scop is ther in Form 16A to deduct the expences from income? Which kind of expences is allowed to deduct in Form 16A?
how many form used in sales tax return from begining to ending?
last financial year'2007-08 i have not deposit TDS amount till today. can i deposit TDS amount now with interest. please advise me.
Audit 
