06 May 2012
In case of GTA if we receive the service bill of march 12 from Service Provider in the m/o April and we have to book the bill in march 12 only due to march closing . kindly advice at what rate we discharge the liability of service tax as now we have to deposit the st to Gov on 5 may 12 only.
08 May 2012
In case of reverse charge mechanism, services shall be deemed to have been provided on the date when payment is made by the service receiver. Accordingly rate of service tax shall be taken of the date of making the payment. Thus in your case rate of service tax shall be 12%.
Moreover, on balance sheet date i.e. 31.03.2012, you have to make provision by taking rate of service tax @ 12%. Because as per AS 4, in respect of event occurring after bS date and condition of which exist on BS date and further evidence is received between BS date and before the financial statement is approved then for accounting on BS date further evidence should be considered.
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