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Treatment of VAT & Service Tax
navuser1
Member Posts: 1,329
Dear All,
I have a query regarding Treatment of VAT & Service Tax during raising of Service Invoice as well as when part payment is recived against such an invoice.
As per business practice, client use to raise invoice in two parts (combining into a single invoice). First part - 67% of total bill involving charging of VAT(where materials are consumed to execute the serv ice job) Second part - 33% of total bill involving Service Tax (where resources are involved to execute the service job).
For e.g. Total Bill value :Value of service= 10000k : First part- 6700/- + VAT(4%) +Second part - 3300/- + Service Tax (10.3%) i.e.- Bill value (inclusive of tax elements)=10608/-
How the above can be mapped in Service Invoice menu?
Now when a payment of Rs.6000/-(say as part payment) is received against the above service invoice, then how the system will apply the part payment towards Service Part? How much amount will be left in Service Tax (Interim) payable account after applying the part payment?
Special Note: We have already customised the Service Tax part in Structure field in invoice header.
I have a query regarding Treatment of VAT & Service Tax during raising of Service Invoice as well as when part payment is recived against such an invoice.
As per business practice, client use to raise invoice in two parts (combining into a single invoice). First part - 67% of total bill involving charging of VAT(where materials are consumed to execute the serv ice job) Second part - 33% of total bill involving Service Tax (where resources are involved to execute the service job).
For e.g. Total Bill value :Value of service= 10000k : First part- 6700/- + VAT(4%) +Second part - 3300/- + Service Tax (10.3%) i.e.- Bill value (inclusive of tax elements)=10608/-
How the above can be mapped in Service Invoice menu?
Now when a payment of Rs.6000/-(say as part payment) is received against the above service invoice, then how the system will apply the part payment towards Service Part? How much amount will be left in Service Tax (Interim) payable account after applying the part payment?
Special Note: We have already customised the Service Tax part in Structure field in invoice header.
Now or Never
0
Answers
http://ssdynamics.co.in
Thanks for your reply. It's helpful.
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