Rate of tax
This query is : Resolved
25 June 2012
Please tell me what rate should be charged if the services have been provided before the change in the rate of tax and payment is received after the change in the rate of tax.............
25 June 2012
if payment is received after 04.04.12 rate of ST is 12.36%
25 June 2012
thanx......is there any thing we can do to reduce the liability because the old rate charged in the invoice and now because of change in the rate the liability is increased.
25 June 2012
NO, YOU CAN NOT REDUCE THE TAX LIABILITY, FOR INCREASE IN ST YOU NEED TO OBTION SUPPLEMENTARY INVOICE
25 June 2012
please explain me about supplementry invoice
25 June 2012
its like credit note
25 June 2012
Supplementary invoice means, debit note for the difference in the service tax portion, say 2% plus cess 3% on Service tax. It is obligatory on the part of the service receiver to pay the Government levy due to upward revision.
rengaraj r.k
rengaraj r.k
26 June 2012
Thanx u so much sir......
26 June 2012
If Invoice was also issued b4 change in rate then 10.3% would b applicable.
26 June 2012
Rate 12.36% shall be applicable
26 June 2012
The rule goes as follows:-
If Any of the two out of three below comes in any period then the rate applicable to that period is to be applied:
1) completion of work
2) issue of invoice
3) payment for such work.
so if job was completed & invoice for such was issued b4 change in rate then prv rate would b applicable.
If Any of the two out of three below comes in any period then the rate applicable to that period is to be applied:
1) completion of work
2) issue of invoice
3) payment for such work.
so if job was completed & invoice for such was issued b4 change in rate then prv rate would b applicable.
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