Monthly st payment by partnership firm

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 April 2016 Dear sir,
Can A partnership pay monthly estimated ST and rest of actual ST payment will be made by 5/7/2016,

Regard
Ankur Goyal

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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23 April 2016 There is no bar on advance payment of service tax... But you have to comply with rule 6 for the same

Suresh Ramaswamy

Suresh Ramaswamy (Expert)
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24 April 2016 There is no legal bar in payment of service tax by non-corporate assessees monthly. This provision was inserted to make compliance easier for small businesses. Therefore the firm can make monthly payment of ST, but ensure that the quarterly payment covers the full amount of tax payable, else interest will be levied on the short-payment.

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KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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25 April 2016 For Partnership Firm there is option to make payment quarterly, but if firm want to make payment discharge liability accordingly there is no issue, payment can be made monthly it should match with quarter liability,