Good Evening everyone,
My Name is Shweta Sharma, i have started firm one year ago , i am working from home with a employee strength of 3 , can anyone please help me with easy accounting formats as i am a recruitment person and am not so good at accounting entries , also please suggest how to pay the service tax
I have incentive plan of sharing 10 % of billing amount above 1 Lac with the recruiters as on paid by the employers, please share if any suggestions on that or any important keys i should keep in mind,
Thanks and Regards
From India, Mansarovar
My Name is Shweta Sharma, i have started firm one year ago , i am working from home with a employee strength of 3 , can anyone please help me with easy accounting formats as i am a recruitment person and am not so good at accounting entries , also please suggest how to pay the service tax
I have incentive plan of sharing 10 % of billing amount above 1 Lac with the recruiters as on paid by the employers, please share if any suggestions on that or any important keys i should keep in mind,
Thanks and Regards
From India, Mansarovar
Hi Shwetha Sharma.
First of all I would like to understand whether you have registered under Service tax? If yes then you may charge service tax of 15% on final bill value (Service Tax 14%+ Swach Bhaharat Cess 0.5% + Krishi Kalyan cess 0.5%)
There are reverse taxation if it is man power supply. Under this you need not to charge where in the employer will be paying to the govt
For more details you may reach me
From India, Bangalore
604First of all I would like to understand whether you have registered under Service tax? If yes then you may charge service tax of 15% on final bill value (Service Tax 14%+ Swach Bhaharat Cess 0.5% + Krishi Kalyan cess 0.5%)
There are reverse taxation if it is man power supply. Under this you need not to charge where in the employer will be paying to the govt
For more details you may reach me
From India, Bangalore
Dear Shweta,
Accounting predominantely is to record
the business/profession transaction in order to
know the financial result. As per sec 44AA
of income tax act. 1961 if your income exceed 120000 or turnover/gross receipt
Exceed 10 Lacs in any FY must have to maintain
The books of Accounts.
With regard to service tax :- recruitment
Service falls under supplying of manpower
hence if your turnover Exceed 9 Lacs then
You have to obtained the Service tax number and if turnover exceed 10 Lacs
then you can start to collect the 15% service
Tax and remit the same to Govt. Since you
are in proprietor/partnership firm Therefore
you have to pay service tax electronically
by 6th after closing the quarter however
For this existing quarter 1/1/2017 To 31/3/2017 the due is 31/3/2017. And half yearly
Has to be filed the due is 25 April for this
existing half yearly period. Section 68 of
service tax deal with reverse charges as per
Notification 7/2015-ST dated 1/3/2015
Effected from 1/4/2015 service of supplying
of manpower falls in 100% reverse charges
Means no need to charge the service tax
In service invoice the 100% service tax
Shall be payable by service receiver instead
Of service provider.
Also Note That Reverse charges shall be
Applicable only if you issue the invoice to
Body corporate other then body corporate
No reverse charged shall be applicable?
Thanks & Regards
V SHAKYA
HR & Labour, Corporate Laws Advisor
From India, Agra
Accounting predominantely is to record
the business/profession transaction in order to
know the financial result. As per sec 44AA
of income tax act. 1961 if your income exceed 120000 or turnover/gross receipt
Exceed 10 Lacs in any FY must have to maintain
The books of Accounts.
With regard to service tax :- recruitment
Service falls under supplying of manpower
hence if your turnover Exceed 9 Lacs then
You have to obtained the Service tax number and if turnover exceed 10 Lacs
then you can start to collect the 15% service
Tax and remit the same to Govt. Since you
are in proprietor/partnership firm Therefore
you have to pay service tax electronically
by 6th after closing the quarter however
For this existing quarter 1/1/2017 To 31/3/2017 the due is 31/3/2017. And half yearly
Has to be filed the due is 25 April for this
existing half yearly period. Section 68 of
service tax deal with reverse charges as per
Notification 7/2015-ST dated 1/3/2015
Effected from 1/4/2015 service of supplying
of manpower falls in 100% reverse charges
Means no need to charge the service tax
In service invoice the 100% service tax
Shall be payable by service receiver instead
Of service provider.
Also Note That Reverse charges shall be
Applicable only if you issue the invoice to
Body corporate other then body corporate
No reverse charged shall be applicable?
Thanks & Regards
V SHAKYA
HR & Labour, Corporate Laws Advisor
From India, Agra
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Service Tax.pdf