Doubt in Point of Taxation Rules
This query is : Resolved
20 June 2011
Sir, I read certain articles for Point of Tax Rules for SErvice tax. I understand that hereafter, accrual basis should be followed for paying service tax liabilities.
First of all, what is the date of applicability for service tax accrual basis.
ie 1st April 2011 or 1st July 2011.
Secondly,I just want to know the treatment for the pending bills as on date of applicability (ie Sundry debtors - later receipt)
First of all, what is the date of applicability for service tax accrual basis.
ie 1st April 2011 or 1st July 2011.
Secondly,I just want to know the treatment for the pending bills as on date of applicability (ie Sundry debtors - later receipt)
20 June 2011
1st march 2011 is effective date, however transitional provisions are applied upto 30th june for clearing dues against arrear bills, i.e one has to clear the service tax dues on 30-06-2011 for all his bills or receipts irrespective of fact that those are paid or not.
from 1-7-11, liability is created on bills issue or payment receipt which ever is earlier.
from 1-7-11, liability is created on bills issue or payment receipt which ever is earlier.
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