Madhavi (CA - FINAL) (1342 Points)
13 October 2012
Please give the rules of POT (including amendments) and i request to kindly explain one by one atleast one one person one rule. i anticipate good response. nov 2012 exams are coming nearer and for a clear picture of pot rules i am requesting you this. thanks in advance
Yogita
(Partner)
(434 Points)
Replied 13 October 2012
POT 2011 is Applicable to All service providers except professionals who are excluded from POT 2011.
Yogita
(Partner)
(434 Points)
Replied 13 October 2012
Prior to POT 2011 Ser Tax liability got established as payable on Receipt of Payment but under POT rules it will arise on Provision of services & Preparation of Bill where the Period for Making of Bill is 30 days Except for Banking & financial Institutions & also Professionals like CA/CS/CWA etc are excluded from POT 2011. ( In a Nut shell. Prior to POT Liability of service tax was based on say Cash basis off accounting principles.i.e when you recieve payments & under POT 2011 it is like on Mercantile basis. I hope concept stands cleared
Sukanto Chakraborty
(Accountant)
(101 Points)
Replied 14 October 2012
CA Vivek Kumar
(Practicing CA And GST Content writer for legalfilings.in)
(660 Points)
Replied 14 October 2012
CA Vivek Kumar
(Practicing CA And GST Content writer for legalfilings.in)
(660 Points)
Replied 14 October 2012
| Originally posted by : vivek tiwari | ||
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I hv one query plz....clear. What happen where payment is not recd within 6 month in case of reverse charge under rule 7... "In rule 7 its given that if paymnt is not recd within 6 month then it shall be taxble as this rule is not in existence." but i don't know what happen if this rule is not in existence.. Plz explain |
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when rule 7 does not exist exists Follow RULE - 3 for taxablility of such service
PAYMENT DATE or COMPLETION OF SERVICE DATE WHICHEVER IS EARLIER
CA.Ganesh
(Practicing Chartered Accountant)
(308 Points)
Replied 16 October 2012
@ Yogesh
Practicing CA/CWA/CS , Advocate....etc also liable to pay ST on accrual basis as per POT Rule wef 1.4.12
since Rule 7(c) POT is omitted wef 1.4.12
CAclubindia
