Insurance broking services

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 June 2012 Hi

In the case of insurance broking services whether it is possible to raise `debit notes' for services rendered instead of raising `invoice'

Please advice

Thanks in advance

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

26 June 2012 Invoice & debit note effects are same in accounting point, but while charging any tax like Service tax & VAT Tax Invoice is mandatory with sequence serial number. Debit note only where the reduction or any other deduction on the original Tax Invoice. so Invoice is required to raise

Querist : Anonymous

Querist : Anonymous (Querist)

26 June 2012 My client issues only debit notes for their services and the same is treated as invoice..is that admissible under the act?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

26 June 2012 Invoice is mandatory under service tax

Service Tax is to be paid on the invoice amount or the billed amount. Where invoice is not issued within a period of 14 days then the tax becomes payable on the date of such completion of the provision of the service and on the amount mentioned in the invoice. In any case issue of invoice is mandatory as per Rule 3 of Point of Taxation Rules 2011.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Santosh Behera

KANHA ASSOCIATES

Smrity

Rajasekar

Rajesh

Subscribe Now

Insurance broking services

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

GST CONSULTANCY

Senior Executive

Manager- Finance and Compliance

Accountant

CA Final