what are the procedures of paying service tax and vat?

Answers were Sorted based on User's Feedback



what are the procedures of paying service tax and vat?..

Answer / ravi

service tax will be paying by all the service providers by
collecting the service tax for whom we had been offered the
service and remmit it to the govt as the service tax is not
paying directly by the service provider as we discussed in
above example it's an indirect tax

rates - 12.36% 12% is service tax. .36% is e.d cess

vat - meas value added tax is leivied at every point of sale
which has come in to force from 2005 to under stand
this concept we should know abbout input output
input - taxpaid on puchases
output - tax paid on sales
in put credit - the tax which was paid at the time of
purchase will be deducted from
the tax he need to pay at the
time of sales
VAT PAYABLE - OUT PUT - IN PUT
RATES - 1%, 4%, 12.5% EXCEMPTED, ZERO RATED

Is This Answer Correct ?    6 Yes 0 No

what are the procedures of paying service tax and vat?..

Answer / rajesh

vat is calculating on local sales.when we sale the goods it
id deducting on the amount as per percentage.

Is This Answer Correct ?    3 Yes 1 No

Post New Answer

More Accounting AllOther Interview Questions

it is better to invest in which securities short term/long term or both? please reason4 the same

0 Answers  


All shot cut key use in the tally software & it's uses

0 Answers  


Hi, I would like to check if my understanding is correct I have a negative amount for provision of income tax in my balance sheet from my previous financial year.What are the accounting treatments for income tax paid and then refunded to you for the current year? Is this correct? For payment Dr provision of income tax cr bank For tax refund Cr provision of income tax Dr bank Do I need to input anything in income tax expense acct?

0 Answers  


how to study five year balance sheet

3 Answers   Coca Cola, HBL Power Systems, Suzlon,


Expand ________GDP

1 Answers  






how to see the resluts of the bank clerical exams? can someone help me on tis.. i've written oriental bank of commerce but not able to know my resluts...

0 Answers   Oriental Bank Of Commerce,


My company's accountant use two different way to calculate Depreciation,one as per Companies Act and another rate for Income Tax calculation. Why we have to use two way to calculate it? Can we just use one way to calculate?

0 Answers  


1. what is debenture? 2.Why company will issue shares? 3. What is audit? 4. What is the role of finance department? 5. What is mutual fund?

0 Answers   IBM,


what is finance tell me in exact definition?

6 Answers   Bank Of America,


Tell us your experience in cost accounting?

0 Answers   NCC,


what is gdr

4 Answers   TCS,


What exactly balance sheet depicts

1 Answers   Telco,


Categories