14 February 2011
It is understood that service tax is payable on actual receipt basis. With change in definitions of taxable value as "amount received for service rendered or to be rendered" advance receipts have also become taxable.
In such cases (for advances) whether invoice is required?
If invoice not required, how the CENVAT Credit will be availed?
16 February 2011
Credit would be available on invoice only and for advacnes maybe a proforma invoice can be raised containing all the requriements of an invoice accept that the same would not be accounted.
CAclubindia
