let me know where service tax is applicable when..
1.If we our shop have job work type.
2.job work material has excise duty which paid by our servie receiver.
3.if require then limit of billing amt in one year.
kindly help me ?
Service tax collected by the service provider to the customer in case the turnover is More than Rs 10,00,000 p.a. The Service Tax rate will be 10.3 % ( Basic 10% + 2% education cess on Basic & 1% Secondary Higher Education cess on Basic duty). In some Categories service tax will be exempted at a certain levels.
If u are buying inputs loaded with ED input and paying service tax, then u can adjust the ED input with ST output and need to pay only balance amount.
For Example: if u have ED input credit of Rs.10000 and ST liability (Output) Rs.30000 (at the end of month/quarter), then u need to pay only Rs.20000 (30000-10000) by 5th day of following month
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