Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: empanelment :: cpt :: VAT RATES :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: TDS :: articles on VAT and GST in India :: VAT Audit :: due date for vat payment :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD
 
 
Service Tax »
 GST base looks set to be at least 25% wider than earlier tax regime
 Businesses struggle with multiple tax rates, returns
 Common use items exempt from e-way bill provision under GST
 Goods And Services Tax Sends Taxes Racing
 How GST lesson can unleash untapped potential of education sector in India
 Services sector PMI falls most in 4 years on GST
 Missing column in GSTR 3B form leaves input claims a shaky edifice
  Communication to the Central Excise/Service Tax Taxpayers on migration to GST
 GST not easy to implement but tax base expansion will benefit all
 Goods and Services Tax was not an easy reform to implement
 GST to expand tax base, bring down weighted average tax rate:

How to set off the service tax
February, 10th 2014

If you use the services of vendors and service providers, you may find that the money you pay them includes service tax. When they invoice you for their services, they recover from you the service tax that they have to pay. The tax laws allow a setting off so that credit is available for payments already made to ensure that costs do not rise due to the tax component.

Tax credit: Whenever you prepare invoices in which service tax has been included, you get a service tax credit. This amount is deemed to be the service tax that you have already paid. Setting off: When you file your service tax, you compute the due tax and deduct the total amount you have already paid your vendors as service tax. Then, pay only the balance.

Documentation: To claim a set-off and pay a lower service tax, you should have records of all the invoices. Ensure that those who have billed you are registered and have invoiced you specifically for service tax.

Verification: The proof of payments, which include service tax, should be maintained for audit and reconciliation with invoices. Your invoices to clients represent your service tax dues, while your vendors' invoices represent your service tax credits.

Points to note
* Service tax and education cess are treated as separate items and the setting off applies separately for each of these heads.
* If any part of the service is not subject to service tax, it should be invoiced separately, both by you and your vendors.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Vision

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions