SANJAY (CHARTERED ACCOUNTANTS) (943 Points)
25 August 20111. Will anybody clarify me that whether service tax is payable on receipt of payment or on making provision of income or on invoice date??
2. Again what in case of GTA, if we are reciepient of service and makes payment of frieght???
Please reply soon!!! its urgent!!
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 25 August 2011
from 01-04-2011 service tax become payable on issue of invoice, or advance receipt of payment which ever comes earlier.
service receipent is liable to pay service tax in case of Goods transport Agency services.
RENGARAJ R.K
(ADVOCATE)
(7557 Points)
Replied 25 August 2011
DEAR MR SANJAY VERMA,
As per the new point of taxation rules, service tax will have to be paid on raising of the invoice or advance payment whichever is earlier. This is with effect from 01.07.11 (upto 30.06.2011 optional though the rules has into effect from 01.04.2011.)
Regarding GTA, (i) Factory registered under or governed by Factories Act,
Madhukar N Hiregange
(Chartered Accountant)
(39034 Points)
Replied 25 August 2011
Pl see the point of taxation rules on which there is an article in the articles section.
Ratan Chauhan
(Sr. Executive Auditor)
(53 Points)
Replied 26 August 2011
I agree with Mr. RENGARAJ Ji
SANJAY
(CHARTERED ACCOUNTANTS)
(943 Points)
Replied 26 August 2011
Thanks to all my dear friends... Now my question regarding GTA is that whether the service tax payable at the time of payment of frieght or at the time of goods recieved/invoice recieved?? Please clarify soon..
CA Unnikrishnan Nair N
(Chartered Accountant)
(2083 Points)
Replied 26 August 2011
For GTA service point of taxation is payment of freight. But if payment has not been made within 6 months from date of bil, then date of bill is the point of taxation.
CAclubindia
