what is serviuce tax,how to calculate service tax?
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Answer Posted / rajesh
Service Tax means, The person who render the service he is
liable to collect the Service tax from the client and
payable to Government of India. the threshold limit for
Service tax for the FY 2008-09 10 lacs. The service tax
amount is Service TAx -12% & Cess-3%, Below is the example
if you are rendering softwareservices
Dr XXX ( Client Name ) 11236
cr Consulting Charges REcd 10000
Cr ServiceTax payable 1200
cr Edu.Cess Payable 36
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