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Payment collection later on

mona (Working Professional) (308 Points)

03 January 2014

i am service provider and i had raised invoice in the month of june 2013. wch includes service tax Rs.1123600/-

the same amount is realised in the month of december. when am i liable to pay service tax

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3 Replies

CA Ankit Mittal (Charterd Accountant) (118 Points)
Replied 04 January 2014

The answer depends on your turnover/gross receipts in the preceding financial year. If it was less than or eqaul to Rs. 50 lakhs, you can pay tax on receipt basis and hence the due date shall be

05th of January 2014. Otherwise the due date shall be 05th July 2013

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fahad karu (ARTICLE STUDENT) (34 Points)
Replied 05 January 2014

As point of taxation rule. Due date shall b the earliest of the following 1.date of invoice if invoice issued within 30 days from the date of provision of service 2. Date of payment. Wichever is earlier.

fahad karu (ARTICLE STUDENT) (34 Points)
Replied 05 January 2014

So u must have to consider ur date of provision of service.. if u have issued invoice withing 30 days from provision of service thn ur due date will be "5th july 2013".. Thnx and regards.