anish (Chartered Accountant) (118 Points)
08 July 2008Hii,
How is the payment of service tax Is there any option available whereby service tax can be paid on accounting basis and input credit can also be utilised on accounting basis.?
I have heard that input credit can be utilised on accounting basis if output is paying on accounting basis. Is it true.?
Sanjeev Kumar
(Private)
(895 Points)
Replied 10 July 2008
service provider/receiver is liable to pay ser. tax on amt. realized and / or advance recd. as the same way Input Credit after payment.
LIza Sarkar
(Service)
(20 Points)
Replied 02 December 2008
Out of the total invoice value a part is recovered in a month say April.Does one deposit entire service tax on invoice within 5th of subsequent month or deposit only out of part recovery?
CA O.P. SINGH
(O P Singh & Co.)
(426 Points)
Replied 02 December 2008
REFERING TO LIZA'S QUERY..
IF YOU HAVE RECEIVED ONLY A PART AMOUNT THEN YOU HAVE TO PAY SERVICE TAX ON THAT AMOUNT ONLY( BY REVERSE CALCULATION) ASSUMING THAT THE AMOUNT RECEIVED IS INCLUDING SERVICE TAX.
CAclubindia
