Accrual basis
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 August 2011
Dear Sir,
what is meaning of Accrual basis service tax is taxable, will it have to be deposited on accrual basis or after receiving payment from parties
thanks
what is meaning of Accrual basis service tax is taxable, will it have to be deposited on accrual basis or after receiving payment from parties
thanks
22 August 2011
From 01.07.2011 service tax liability will be determined on the accrual basis and not on the basis of payment.
Now Liability is determined on the basis of invoices.
Now Liability is determined on the basis of invoices.
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 August 2011
it means when we raise invoice then liability is accrued to the department whether we received payment or not, we have to deposit service tax monthly
23 August 2011
Yes, when we raise invoice then liability is accrued to the department
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