While calculating the Taxable turnover/ taxable value of services (Service tax) of GTA , Can I deduct the abatement(70%) from the total turnover first and then deduct the fully exempted items ie around 30% - 40 %.Is this calculation is correct ? If it is wrong please suggest the correct method of calculation
Taxable turnover of GTA
Asked by
GTA service abatement may reduce taxable value, but GTA turnover is excluded from threshold aggregation calculations.
Abatement for GTA receipts may be applied to compute taxable value, but exempted goods' values must not be deducted from gross freight; separately, GTA turnover is excluded when determining aggregate value for threshold exemption and payments constituting the gross amount charged by a Goods Transport Agency are not taken into account for that purpose. (AI Summary)
Abatement for GTA receipts may be applied to compute taxable value, but exempted goods' values must not be deducted from gross freight; separately, GTA turnover is excluded when determining aggregate value for threshold exemption and payments constituting the gross amount charged by a Goods Transport Agency are not taken into account for that purpose. (AI Summary)
TaxTMI