Liability of service tax on gta
This query is : Resolved
PANKAJ MISHRA
(Querist)
02 June 2012
"Payment of service tax on GTA must be on credit basis instead of payment basis w.e.f.01.04.2011" as our CA advised.
Is there any support notification/circular? If any please give the same.
Is there any support notification/circular? If any please give the same.
03 June 2012
Point of taxation rules has done away with the provision of cash basis. Under these rules service tax becomes payable on accrual basis. Therefore freight accounted in books during May 2012 irrespective of payment to transporter, service tax needs to be paid by june 6th . You may refer to point of taxation rules in this regard.
CA Nikhil Jhanwar
(Expert)
04 June 2012
But in case you are service receiver and liable to pay ST on 'GTA' then service tax has to be paid on receipt basis.....
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