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Kindly let me know as to whether Service tax mus be charged on "Accrual basis" or "Payment basis". It,s urgent. Also provide the link to any of the notifications in this regard.
Service tax shall be charged on accrual basis w.e.f 01.07.2011. Refer to the notification no.18/2011 dated 01.03.2011 and then notification no. 41/2011 dated 27.06.2011
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for november, 2011 exam purposes it is on Payment Basis.
Total thanks : 1 times
SErvice tax is applicable on accrual basis effective from 01-07-2011, Howver there are certain category of service on which service tax is payable on receipt basis. These service are ; Practicing CA, CS & ICWA, Architect Engineer, Advocate etc.
monica has rightly answered the query
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