Return for april - june 12
This query is : Open
22 November 2012
Dear Experts ,
Gm.
One of my client is Advertising agency.
Gross Receipt in FY 2011-12 - Rs. 40 lacs
During FY 11-12 Rs. 3 lacs debtors were there. Service Tax on same is paid on Accrual Basis (i.e. paid in FY 11-12 itself).
Now as per amendment my client is again eligible for Payment of service Tax on RECEIPT BASIS (As Gross recpt in previous year is less than 50 lakhs ).
My Query :
Bill Raised during April - June 12 - Rs.10 lakhs
Amount Received during April - June 12 - Rs. 3 lakhs (Totally against o/s balance of debtors as on 31/03/2012.) Not a single penny recd. against current year bill.
Now do i require to file the return of ST for these period?
If yes how to show these transaction?
Thanks in advance.
Gm.
One of my client is Advertising agency.
Gross Receipt in FY 2011-12 - Rs. 40 lacs
During FY 11-12 Rs. 3 lacs debtors were there. Service Tax on same is paid on Accrual Basis (i.e. paid in FY 11-12 itself).
Now as per amendment my client is again eligible for Payment of service Tax on RECEIPT BASIS (As Gross recpt in previous year is less than 50 lakhs ).
My Query :
Bill Raised during April - June 12 - Rs.10 lakhs
Amount Received during April - June 12 - Rs. 3 lakhs (Totally against o/s balance of debtors as on 31/03/2012.) Not a single penny recd. against current year bill.
Now do i require to file the return of ST for these period?
If yes how to show these transaction?
Thanks in advance.
22 November 2012
No service tax is to be paid on amount received during the year, which is outstanding in previous year as service tax is paid on accrual basis.
Now regarding the billing in current year, your client requires to pay service tax on accrual basis only and not on cash basis.
ST-3 has to be filed after proper payment of tax.
Now regarding the billing in current year, your client requires to pay service tax on accrual basis only and not on cash basis.
ST-3 has to be filed after proper payment of tax.
22 November 2012
Thank u viral sir for replying. But why he has to pay Service tax on Accrual basis , as per amendment in Rule 7 of ST Rules he is eligible for payment of service tax on receipt basis.
22 November 2012
sorry . You are right. 4th proviso to rule 6 allows option to payment of service tax on receipt basis to individual and firms with turnover of less than 50.00 Lacs in previous FY
22 November 2012
Sir now what to do? Do i have to submit the return?
23 November 2012
As an assessee you are required to file ST-3. File nil return.
Show receipt nil and only billing of rs 10 lakhs.
Show receipt nil and only billing of rs 10 lakhs.
23 November 2012
Thanks a lot Pradeep sir.
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