Receipt or accruel
This query is : Resolved
03 September 2011
Hi
I heard that service tax though not collected must be paid . Is that True ?
And also i heard that only for professionals it is Receipt Basis. Clarify pls . If any circular / notification pls mention it
Abdul
I heard that service tax though not collected must be paid . Is that True ?
And also i heard that only for professionals it is Receipt Basis. Clarify pls . If any circular / notification pls mention it
Abdul
03 September 2011
With effect from 01/04/2011 Service Tax is payable on billing basis and not on 'receipt of payment basis' that is on accrual basis and not on cash basis (Option has been granted to assessee to continue payment on receipt basis upto 30/06/2011 if they desire)
This is the major change made in Service Tax effective from 01/04/2011
This is the major change made in Service Tax effective from 01/04/2011
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06 September 2011
Even for professionals is that effective ?
06 September 2011
It is applicable to any Taxable services.
Point of Taxation Rules, 2011 have been framed vide notification 18/2011-ST and made effective from 01.04.2011. These rules determine the point in time when the services shall be deemed to be provided. The general rule will be that the time of provision of service will be the earliest of the following dates :
i. Date on which service is provided or to be provided
ii. Date of invoice
iii. Date of payment
Point of Taxation Rules, 2011 have been framed vide notification 18/2011-ST and made effective from 01.04.2011. These rules determine the point in time when the services shall be deemed to be provided. The general rule will be that the time of provision of service will be the earliest of the following dates :
i. Date on which service is provided or to be provided
ii. Date of invoice
iii. Date of payment
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