Accounting system
This query is : Resolved
12 May 2010
Dear Sir/Madam
Is this possible that we adopt Mercantile accounting system at the time of accounting and for service tax pay cash recd bases ???
pls. tell
Is this possible that we adopt Mercantile accounting system at the time of accounting and for service tax pay cash recd bases ???
pls. tell
12 May 2010
Possible.
Taxation is a creature of statute and governed by statutory provisions. Since the liability for payment of service tax arises on receipt basis, the tax shall be so discharged, irrespective of the method of accounting.
The only exception is transaction between associated enterprise.
Taxation is a creature of statute and governed by statutory provisions. Since the liability for payment of service tax arises on receipt basis, the tax shall be so discharged, irrespective of the method of accounting.
The only exception is transaction between associated enterprise.
12 May 2010
Service tax is payable on the basis of Receipts of Invoice amounts. So it is possible.
12 May 2010
That mean our books in Service Tax Balance in 31st March10 credit but we not pay in next month due to payment not recd till april 10
am i correct ???
am i correct ???
12 May 2010
Correct.
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