SOUMYA SEN (CA FINAL STUDENT) (186 Points)
31 March 2012Friends I am pretty much confused about how to approach the practicals on Service Tax, particularly Pont of Taxation Rules... Please help and suggest from where can i get good reference for I did not find much variety in Institute Material.... Plus the Institute material contains the whole lot of services most of which ae not in sylaabus of May 2012.
Please help.....
Gaurav
(ca student)
(748 Points)
Replied 31 March 2012
refer only supplementary for 2012 may... u ll get solution..
Shankar Mishra
(services)
(30 Points)
Replied 02 April 2012
DETERMINATION OF RATE OF TAX IN CASE OF CHANGE IN
EFFECTIVE RATE OF TAX
1.1 Step 1: Identify following three events:
(i) Date on which taxable services have been provided;
(ii) Date of issue of invoice;
(iii) Date of receipt of payment
(Here, as per Rule 2A of Point of Taxation Rules, 2011, ‘date of
payment’ means the date when payment credited in bank
account.)
1.2 Step 2: Determine rate of tax:
(i) Applicability of 10.3 %: If two out of the three
events given in step 1 hereinabove took place prior
to 31.03.2012;
(ii) Applicability of 12.36%: If two out of the three
events given in step 1 hereinabove took place on or
after 01.04.2012;
In simple words, if any two events out of three mentioned in step
1 takes place prior to 31.03.2012, old rate i.e. 10.3% shall be
applicable.
C.A Alok Mukherjee
(service)
(462 Points)
Replied 04 April 2012
Mr. Sankar,
I am confused about the date you mentioned for applicability of 10.3%, is it prior to 31.03.2012 or 01.04.2012?
Shankar Mishra
(services)
(30 Points)
Replied 05 April 2012
Dear Alokjee,
Date is to be separated as follows:
above 3 event need to put in above two group to determine point of taxation
regards
Shankar
Prasad
(Sr. Manager)
(617 Points)
Replied 05 April 2012
CAclubindia
