Deepak Kumar Singh (Incharge - Commercial) (38 Points)
07 March 2011SIR,
OUR IS A PCC POLE MANUFACTURING CO. WE ARE SUPPLYING POLES TO VENDORS ( FOR SITE ). THE BILLING IS AS FOLLOWS :-
ASSESABLE VALUE+10.3% EXCISE DUTY=TOTAL VALUE OF GOODS+FREIGHT=GROSS VALUE+VAT = NET AMOUNT
NOW THE QUESTION IS WE HAVE ENGAGED VARIOUS TRANSPORTERS & INDIVUDUAL TRUCK OWNERS FOR SUPPLYING THIS POLES. NOT THEY ARE ISSUING BILLS & MANY OF THEM HAVE BEEN PAID IN CASH AS ADVANCE & FINAL PAYMENT. WE ARE ALSO NOT REGISTERED FOR SERVICE TAX......? WHT ARE THE CONSEQUENCES WE CAN FACE?
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 07 March 2011
you are liable to pay service tax on goods carrige charge for inward and outward both, which are exceeding 1500/- per vehicle or exceeding 750/- when you book through transporter
Seema Jain
(Partner)
(63 Points)
Replied 07 March 2011
Friends,
Can you please make it clear about the service tax liability on accrual basis as per Union budget 2011. (in detail)
Pankaj Arora
(Learner)
(3134 Points)
Replied 07 March 2011
As per budget service tax will be payable on basis of raised invoice to party or service render to party or advance recd from party whichever will be earlier that time we have to remit to government.
Seema Jain
(Partner)
(63 Points)
Replied 07 March 2011
Thanks Pankaj,
Is there any point of raising the invoice within 14 days of providing the service? & As per point of taxation rules 2011, this basic rule for levying the service on Service provided, Date of Payment or Date of Invoice, whichever is earlier,,,contradict? If a person is maintainiing books of account on cash basic like professionals, how to keep record of Service tax on accrual basis?
CAclubindia
