TaxTMI 
TaxTMI 
Service Tax & WCT on invoice
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....ervice Tax & WCT on invoice<br> Query (Issue) Started By: - Sanjay Vasava Dated:- 5-10-2016 Last Reply Date:- 6-10-2016 Service Tax<br>Got 7 Replies<br>Service Tax<br>Dear Sir, I have received an invoice supply (Steel Plate MS) & services. Contractor has calculating service tax on basic value & WCT 5% on Basic + Taxable value. I am confuse how can consider and passing the bill. Please explain. ....
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....Thanks & Regards, Sanjay Vasava Reply By Sanjay Vasava: The Reply: Dear Sir, Bill amount ₹ 8415281.00 Service tax 15% ₹ 504918.00 WCT 5@(70%Value Of Rupees. 8,920,197.86) Invoice Total Amount ₹ 9,232,406 Contractor has calculated 5% WCT on Basic Value + Service Tax. (In this matter i am confused) How can calculating WCT 5% on 70% Value. Please explain. Thanks & Regards,....
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.... Sanjay Vasava Reply By Sanjay Vasava: The Reply: Dear Sir, This is in gujarat state. Please explain. Sanjay Vasava Reply By Ganeshan Kalyani: The Reply: Your SAP team / IT team shall help you out in configuring the accouting system which will then help to pass the entry. Reply By Ganeshan Kalyani: The Reply: The tax codes are created by IT team which you can select while booking. The t....
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....ax code will ensure accouting of correct tax. Reply By Sanjay Vasava: The Reply: Dear Sir, My query is Work contract tax calculating on Basic + Service Tax amount. WCT laviable on both amount or only basic. Please advice. Sanjay Vasava Reply By Ganeshan Kalyani: The Reply: It will be on basic + service tax. Reply By Sanjay Vasava: The Reply: Dear Sir, If we received supply + Services bil....
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....l, how can calculate service tax & vat ?? I suggested to party in original work service tax levied on 40% value & Vat levied on 60%. Is it ok or not. Please advice. Thanks & Regards, Sanjay Vasava<br> Discussion Forum - Knowledge Sharing ....