FrontAccounting forum — Service tax with breakup

Re: Service tax with breakup

null@example.com (apmuthu) — Fri, 07 Oct 2016 16:29:51 +0000

Service Tax (ST): 12% of 40% of Amount = 4.8% of Amount = 4.8%
Education Cess (EC) = 0.24% of Service Tax = 0.24% of 4.8% of Amount = 0.01152%
Higher Education Cess (HEC) = 1% of Education Cess = 0.01 * 0.01152 % of Amount = 0.0001152%
Total tax = 4.8% + 0.01152 % + 0.0001152% = 4.8116352 %

Hence just keep 1 tax at 4.8116352% and pass a JV for the split at the end of each month to split the taxes in the ratio of:
0.002394 : 0.2394 : 0.997582 for HEC : EC: ST
ie., 10: 1000 : 4167

Re: Service tax with breakup

null@example.com (brishisharma) — Fri, 07 Oct 2016 03:04:24 +0000

I am facing the same issue.

rosy.swapna wrote:

Require for my system is,
service tax = service tax 12% of 40% of amount
education cess = 0.24% of service tax
higher education cess = 1% of education cess
how to define the taxable amount for each tax ?

I have service tax 12% for 2150 sales tax .When I add tax type with gl account 2150 sales tax a warning message "Selected GL Accounts cannot be used by another tax type." How resolve this?

Re: Service tax with breakup

null@example.com (rosy.swapna) — Tue, 25 Nov 2014 10:34:13 +0000

Require for my system is,

service tax = service tax 12% of 40% of amount
education cess = 0.24% of service tax
higher education cess = 1% of education cess

how to define the taxable amount for each tax ?

I have service tax 12% for 2150 sales tax .When I add tax type with gl account 2150 sales tax a warning message "Selected GL Accounts cannot be used by another tax type." How resolve this?

Service tax with breakup

null@example.com (guptakishan) — Wed, 30 Apr 2014 03:50:33 +0000

Hi,
In india there is a braek up service tax, ( 12.0% service tax, 0.24% education cess, how to define all three taxes in frontaccouting, some comany ask this breakup in service invoice mandatory.

Thanks

kishan