Negative list

siddharth bodas (CA in practice) (159 Points)

12 December 2012  

 

We are in the contracting business executing various government contracts. After particular tender is allotted to us by the government department, we raise running bills as period of execution of contract is ranging from 2 to 3 years. Now, some of our contracts have become exempt from payment of service tax with effect from 1st July 2012 due to introduction of negative list. We have paid service tax on running bills raised before 1st July 2012 but do we require to pay service tax on running bills raised after 1st July 2012 on services which have become exempt W.E.F. 1st July.

 

Siddharth Bodas