Clarification regarding rate of tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 May 2012
if invoice was raised before 01/04/2012 & the payment is received after 31/03/2012 @10.3% service tax then do i have to collect additional 2% from the client?
12 May 2012
Generally no need to collect additional 2%. But in case of the 8 specified services the point of taxation is the date of payment. Thus in such cases if the payment is received on or after 1st April 2012, the service tax needs to be paid @12% meaning thereby 2% additional has to be collected.
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 May 2012
Thank you Sir.
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