11 April 2016
Professional received 9 lakh as professional receipt on cash basis. But as per accrual basis , his receipts is 12 lakhs. Can we claim to follow cash basis under service tax law and accrual basis under income tax law. Is he liable for service tax registration. What are the possible complications if any.
11 April 2016
Every service provider is required to apply for service tax registration if the value of service provided by him during the year is more than Rs. 9 Lakhs, but the tax would be payable only when the value of service provided is more than Rs. 10 Lakhs.
Refer Notification Notification No. 4/2012 – Service Tax dated 17.03.2012 and Notification No.3/2012 – ST, dated 17-3-2012 for clarification regarding payment of ST on receipt basis/Bill basis
CAclubindia
