Invoice raised after 14 days
This query is : Resolved
Arihanth Jain
(Querist)
24 March 2010
Sir,
One of the invoiceing requirements in Service Tax is that invoice should be raised not later than 14days from the date of completion of service/receipt of money, whichever is earlier.
Now my query is what "what are the implications if an Indian company does raise invoice lately (after 14days)".
Thanks & Regards
Arihanth
One of the invoiceing requirements in Service Tax is that invoice should be raised not later than 14days from the date of completion of service/receipt of money, whichever is earlier.
Now my query is what "what are the implications if an Indian company does raise invoice lately (after 14days)".
Thanks & Regards
Arihanth
Shyam Lal Naik
(Expert)
24 March 2010
The worst that can happen is imposition of penalty u/s 77.
For the purpose of quantification of Service Tax, receipt is relevant. Amt received in advance is taxable.
Issue of invoice is merely a technical infraction.
For the purpose of quantification of Service Tax, receipt is relevant. Amt received in advance is taxable.
Issue of invoice is merely a technical infraction.
CA Ashok Kumar Sahu
(Expert)
25 March 2010
agreed
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