Charging service tax on receipt basis by company
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 October 2012
company is paying service tax on receipt basis.it pays when it receives from client. it also recovers penalty and interest from client.
is practice of company correct. and what are tax consequences for such transaction
is practice of company correct. and what are tax consequences for such transaction
MOHAMMAD SALIM
(Expert)
24 October 2012
This practice is not correct as the service tax as per POT Rules is to be paid on basis of date of invoice or receipt of payment basis whichever is earlier....
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