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Invoice

28 December 2016

dear sir, i want to know about how to create an invoice in IT sector company where receipts are collected on monthly basis for the period of yearly or more and when to apply service tax kindly advice me in simple manner .

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V P Narasimhan (Accounts Manager) (791 Points)
Replied 22 March 2017

In Service Tax a clause called POT (Point of Taxation) which stress that you have to raise Invoice either at the time fo receipt of money/payment or at the time of rendering services whichever is earlier. Of course, applicability of Tax depends upon the type of industry/sector can be ratified from service tax web site.