Dear all,
From 1.07.11 service tax Payable on billing basis but what about Which bill issue before 1.07.11.Please help me regarding this issue.
Thanks in advnce
12 Replies
praveen
(Chartered Accountant)
(6971 Points)
Replied 05 September 2011
it shall be taxable on receipt basis.
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Sumit Grover
(Chartered Accountant )
(3652 Points)
Replied 05 September 2011
In my opinion, for those cases, option has been given to the assessee ,either to opt for POINT of TAXATION rules, or wait till the payment is received from the client.
Plz correct me if m wrng
CA Unnikrishnan Nair N
(Chartered Accountant)
(2083 Points)
Replied 05 September 2011
For Bill dated prior to 01-07-2011, old system can be continued.
Ramanuj
(Accountant.)
(834 Points)
Replied 05 September 2011
it shall be taxable on receipt basis. follow previous rule .
CA PRAVEEN SINGH
(MANAGER ACCOUNTS)
(2277 Points)
Replied 05 September 2011
Before 01-07-2011 taxable on receipts basis.
CA Pooja Agarwal
(Chartered Accountant)
(3228 Points)
Replied 06 September 2011
yes it would be on receipt basis
CS Shraddha G. Kulkarni
(Practising Company Secretary)
(38 Points)
Replied 06 September 2011
I agree with Mr. Praveen.
CA Prabhat Gupta
(Manager (Indirect Taxes))
(821 Points)
Replied 09 September 2011
No I don't agree with praveenand others. I think CA Sumit Grover is right. An option is available. For more clarification please refer to Notification No. 25/2011-ST dated 31.03.2011 and point number 2 of Circular through F.No.341/34/2010-TRU dated 31.03.2011. An option is available for assessees upto 30.06.2011 to pay tax on payment basis. For reference link is given below:
https://www.servicetax.gov.in/st-notfns-home.htm
https://www.servicetax.gov.in/circular/st-circular11/st-circ-ptr-rules2011.htm
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