Q7
Service Provided

Service to X Ltd  
Consultancy Service 100000
Add  
Service Tax @ 14% 14000
Swachh Bharat Cess @ 0.5% 500
Krishi Kalyan Cess @ 0.5% 500
Total 115000

Expenses

AIRTEL   Purchase from Y Ltd Machine from Y Ltd
Telephone Bill 2000 Purchase 40000 Machine 60000
Add   Add   Add  
Service Tax @ 14% 280 Excise 12.5% 5000 Excise 12.5% 7500
Swachh Bharat Cess @ 0.5% 10 Total 45000 Total 67500
Krishi Kalyan Cess @ 0.5% 10 Add   Add  
Total 2300 Vat 5% 2250 Vat 5% 3375
    Total 47250 Total 70875

What is ?
Service Tax Payable
View Answer


Note:-


In case of Fixed Assets used for providing services
Input is available called Input Cenvat on Capital Goods
Input is available in 2 years (50% in year of purchase and 50% in next year)
  1. Tax Practical
  2. Practical Service Tax

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .