Advance payment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 October 2012
We have received advance payment of Rs 10 lacs in the month of March. We have discharged service tax on Rs 10 lacs in March on receipt basis. Later on the rate has changed from 10% to 12%. The billing in April is of Rs 15 lacs. SHould we discharge the additional service tax @ 2% on 10 lacs or only discharge 12% on Rs 5 lacs.
I think according to the POT rules I am not liable to discharge additional service tax @of 2%.
pls clarify.
I think according to the POT rules I am not liable to discharge additional service tax @of 2%.
pls clarify.
Amol S Joglekar
(Expert)
15 October 2012
Since you are liable to follow RECEIPT basis, you need to discharge service tax on 5 lakh on RECEIPT basis.
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