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Service tax adjustments
Dear sir,
I have an querie is there any provision for following situation in Service Tax Act,
We recieves advance payment from parties when service tax rate is 12.36% but we provide service when service tax rate fall down to 10.30%
Thanks for your concern N have a prospering new year for all you readers!!
Replies (1)
situation 1)
you have paid service tax on payment basis on receipt of amount irrespective of the invoice date, then u have to charge 12.36%
situation 2)
you have accounted the amount as advance and to be settled against bills raised, on the date of invoice/ bills- then charge 10.3% and make refund of 2% to clients.
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