I have recently started a private limited company offering consultancy services on loan syndication. From 1st April 2012 onwards, the service tax rules states that the service tax is to be paid to the government on accrual basis i.e. at the time of crediting the invoice in the books of accounts instead of paying service tax once the payments have been received from the clients i.e. receipt basis.
I wanted to know as to have the rules being changed w.e.f 1st July 2012 whereby the payment of service tax to the government has been made on receipt basis i.e. on receipt of payment from the clients or is it still the same?