Invoice raised after 14 days
This query is : Resolved
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
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.
25 March 2010
agreed
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