CA CS Abhishek (Job) (46 Points)
19 April 2013Dear All,
We have a private limited company, wherein we have received an income of less than 50 lacs in the month of April-2013. But the bills are booked in March 2013, as the service was provided in last year. No other income is there in the same company.
Do we need to pay service tax with interest or without interest. I came to know that less than 50 lacs income is considered for service tax payment on receipt basis.
Please advise.
Thanks
Abhishek
Dipjyoti Majumdar
(CA in service & CS. dipmaj@ rediffmail.com )
(3468 Points)
Replied 19 April 2013
As per the facts narrated, you ought to remit output service tax for services provided in March by 31 March 2013 itself. (which you might be aware of) on accrual basis as per Point of Taxation Rules.. The shelter you are talking about is not applicable for company , it is for individuals.
Hence now you have to pay tax with interest.
Regards,
Prasad
(Sr. Manager)
(617 Points)
Replied 19 April 2013
Agree with Dipjyothi, please calculate and pay with interest at the earliest to avoid further damages
Gulshan Kumar
(Accounts Executive)
(21 Points)
Replied 19 April 2013
dear all, i have bill claimed in fin year 2011-12 @ 10.30% ST . But the above Payment received in fin year 2012-13 with ST 10.30% .,now we have to deposit ST @ 12.36% in taxation Department Or 10.30%. please Cleare this with raeson
Abhishek
(Article Assistant)
(39 Points)
Replied 03 July 2014
Dear Sir can u please specify the provisions which provide for the payment of service tax on receipt basis.
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)
CAclubindia
