Krishanu Majumder (Accountant) (174 Points)
25 May 2015
saranraj thangaraj
(articled assistent)
(121 Points)
Replied 25 May 2015
Naman Sidharth
(student)
(31 Points)
Replied 26 May 2015
Naman Sidharth
(student)
(31 Points)
Replied 26 May 2015
parthu
(student)
(22 Points)
Replied 26 May 2015
Arif Ali
(Apt Co Advisory)
(1230 Points)
Replied 26 May 2015
flat rate of 14%, no other cess applicable here. this rate inclusive of all cess
CA Suhas Prabhu
(Chartered Accountant)
(159 Points)
Replied 26 May 2015
The subsumed rate of ST @ 14% is effective from 01-06-2015. There is no cess to be charged from the date notified. Please refer the table below which provides clarity in applying the revised rate based on Rule 4 of Point of Taxation Rules, 2011.
Case1: When service is rendered before the change in rate:
|
Before rate change |
After rate change |
Rate to be applied as per Rule |
|
Invoice issued (at 12.36%) |
Payment received |
12.36% - (a)(ii) |
|
Payment received (at 12.36%) |
Invoice issued |
12.36% (a)(iii) |
|
|
Invoice issued, Payment received |
14% (a)(i) |
Case 2: When service is rendered after change in rate
|
Before rate change |
After rate change |
Rate to be applied as per Rule |
|
Invoice issued (at 12.36%) |
Payment received |
14% - (b)(i) |
|
Payment received (at 12.36%) |
Invoice issued |
14% (b)(iii) |
|
Invoice issued, Payment received |
|
12.36% (b)(ii) |
Krishanu Majumder
(Accountant)
(174 Points)
Replied 26 May 2015
AMAN AGARWAL
(Articleship at Bhasin Raghavan & Co.)
(27 Points)
Replied 04 June 2015
CAclubindia
