Rate of tax and period of return
This query is : Resolved
30 April 2012
Dear all,
Date of Service rendered is 31st March 2012 and bill issued on 5th April 2012.
My doubts are:-
1. What is the rate of service tax applicable(10% or 12%) ?
2. Which is the return period(Half year ending March 2012 or Half year ending Sep 2012) ?
Date of Service rendered is 31st March 2012 and bill issued on 5th April 2012.
My doubts are:-
1. What is the rate of service tax applicable(10% or 12%) ?
2. Which is the return period(Half year ending March 2012 or Half year ending Sep 2012) ?
30 April 2012
1.Since the service provided in March-12 Service tax applies 10.36%
2. Half year return is two. ( 1st half April-Sep & 2nd Half Oct- March)
2. Half year return is two. ( 1st half April-Sep & 2nd Half Oct- March)
01 May 2012
In my opinion as per Point of Taxation RUles:
(1) Although service is rendered in March 12 but since invoice is raised in Apr. 12, the applicable rate is 12%+ (2%+ 1% as Cess)
(2) Return Period is Ist Half Apr. Sep 2012 since liability to pay service tax arises in month of Apr. 2012 and due date for payment of service tax will be 5 th of May 2012
(1) Although service is rendered in March 12 but since invoice is raised in Apr. 12, the applicable rate is 12%+ (2%+ 1% as Cess)
(2) Return Period is Ist Half Apr. Sep 2012 since liability to pay service tax arises in month of Apr. 2012 and due date for payment of service tax will be 5 th of May 2012
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01 May 2012
I agree with CA Nikhil Jhawar's view. Its always better to raise Invoice as soon as the Service is provided. The amount is recorded/accounted only when the invoice is raised.
As the invoice has been issued in April 2012 , it will be covered under the Ist half Yly Return of FY 2012-13.
As the invoice has been issued in April 2012 , it will be covered under the Ist half Yly Return of FY 2012-13.
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02 May 2012
According to point of Taxation rules,
I am explaining here in layman's language:
Any of the two events happened before 31st March 2012 then rate would be 10% otherwise 12%
1. Completion of Service
2. Raising of Invoice
3. Receipt of payment
Apply this criteria to your case.
I am explaining here in layman's language:
Any of the two events happened before 31st March 2012 then rate would be 10% otherwise 12%
1. Completion of Service
2. Raising of Invoice
3. Receipt of payment
Apply this criteria to your case.
Message likes :
1 times
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