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Anirudha
( Author )
31 July 2012
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Hi
Can anybody answer folling query
Service tax payment on Collection Basis or Accural basis if the turnover is exceed 50 Lakh
Regards
Anirudh
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Amol S. Joglekar.
( Expert )
31 July 2012
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Accrual basis. The limit is applicable to the various services mentioned in the circular
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Neha Jain
( Expert )
31 July 2012
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Service tax will be paid on accrual basis.
With Regards
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SANYAM ARORA
( Expert )
31 July 2012
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It will be paid on Accrual Basis
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CFA Bharath Kumar
( Expert )
01 August 2012
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yes i agree with amol
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Anirudha
( Author )
01 August 2012
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Thanks for your comments dear!!!!
If any body share the circular for Limit specified the above matter of Amol reply.
Regards
Anirudh
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Neha Jain
( Expert )
01 August 2012
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The benefit available to individuals and firms on the basis of date of payment for eight specified services is being extended to all services. The facility will be now available to individuals and partnership firms (including limited liability partnership) up to a turnover of Rs 50 lakh in a financial year provided the taxable turnover did not exceed this limit in the previous financial year.
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Neha Jain
( Expert )
01 August 2012
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Pls check this link -
http://www.servicetax.gov.in/circular/st-circular12/st-circ-154-2012.htm
With Regards,
Neha Jain
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Neha Jain
( Expert )
01 August 2012
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The facility has been granted to all individuals and partnership firms, irrespective of the description of service, whose turnover of taxable services is fifty lakh rupees or less in the previous financial year.
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Anirudha
( Author )
01 August 2012
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Thanks Neha!, for sharing such information.
Regards
Anirudh
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